U.S. spot Ethereum exchange-traded funds recorded their fourth consecutive day of inflows on Tuesday, extending total inflows to over $212 million during the streak. According to data from SoSoValue, the ten spot Ethereum ETFs recorded $53.03 million in net inflows on April 14, with Fidelity's FETH drawing in nearly $38 million. BlackRock's ETHA followed with $10.49 million in inflows while Grayscale's ETH and BlackRock's ETHB contributed $3.2 million and $1.2 million respectively. Notably, none of the remaining ETH ETFs saw any outflows on the day. This marks the fourth consecutive day of inflows into the investment products, with April turning out to be a positive month with $171.2 million drawn in after witnessing 5 months of negative flows where nearly $2.8 billion exited the funds.
Ethereum surged from approximately $2,220 to a high of $2,417 before facing rejection at the critical $2,400 resistance level. The cryptocurrency is now consolidating above $2,300 and the 100-hourly Simple Moving Average, with immediate resistance levels identified at $2,360 and $2,380. The $2,400 resistance acts as the key validation level, which has proven difficult to clear despite the recent strong momentum. Price is now trading at $2,321 at press time, down 3% over the past 24 hours, after paring off some gains from the earlier surge. The $2,400 marks a significant resistance level since its drop below the psychological barrier in early February this year, with each approach facing heavy selling pressure. A clean breakout above the current ceiling would mark a major shift in market structure and signal a return to a long-term bullish trend.
Technical indicators seem to support a bullish bias in the short term, with the 50-day SMA closing in on a bullish crossover with the 100-day SMA. The MACD lines have pointed upwards, indicating strengthening momentum, suggesting that the recent surge may maintain its momentum. Hourly MACD analysis shows the MACD for ETH/USD is losing momentum in the bullish zone, while hourly RSI has dropped below the 50 zone, further indicating weakening bullish momentum. This technical deterioration comes after Ethereum rose nearly 10% in the last 24 hours at writing time, following months of sideways movement. The $2,173 level acts as immediate support within the structure, while the broader $2,250–$2,300 zone anchors the recovery. If the price breaks above $2,400 with stronger volume, momentum may build toward the $2,480 resistance, potentially opening the way to $2,550 or even $2,600 in the near term.
Besides the buying pressure generated by ETH ETFs, Ethereum treasury company Bitmine has continued to bolster its holdings with aggressive ETH accumulation. The firm currently holds 4.87 million ETH tokens, nearly 4% of the circulating supply, with approximately 3.0 million ETH staked, contributing to the network's security while generating yield for its treasury. Bitmine chairman Tom Lee recently described the recent downturn as a "mini crypto winter," stating that Ethereum is now in the "final stages" of that phase, suggesting the worst of the cycle may already be behind it. The current rejection at $2,400 represents a decisive moment for Ethereum's near-term direction, as the cryptocurrency faces a critical test of its recent upward momentum. If Ethereum fails to hold its ground and slides towards $2,200, it could see a period of consolidation as bulls look for a stronger floor, while a sustained breakout could shift the structure higher.
