Ether traded near $2,491 on October 10, down more than 7% over the past seven days, after U.S. spot Ethereum ETFs recorded roughly $542 million in weekly net outflows, their largest since late January. Trading volume fell 61% to $7.2 billion, and the price slipped below $2,500 and its 50-day simple moving average (SMA). Traders are now watching the $2,370 support level for direction, while whale accumulation data offered a counterpoint to the outflow-driven weakness.

ETF Outflows Reach a Five-Month High

U.S. spot Ethereum ETFs saw approximately $542 million in net withdrawals for the week ended October 9, according to SoSoValue data, their largest weekly outflow since late January. BlackRock's iShares Ethereum Trust (ETHA) accounted for about $477 million of the total, marking the fund's largest weekly withdrawal since December 2025. The pressure extended across crypto funds, with U.S. spot Bitcoin ETFs shedding $681 million during the same period.

The Ethereum redemptions point to reduced exposure to Ether through listed products, though they do not show that every investor is selling ETH directly. The funds, which began trading in July 2024, hold Ether directly and can be bought and sold through ordinary brokerage accounts, and ETHA is run by BlackRock, the world's largest asset manager. Still, they have served as a key source of demand for the asset, and the withdrawals weaken that channel at a time when the price is under pressure. A continuing outflow streak could cap attempts to recover above resistance, and the coming week's daily flow reports will show whether the streak extends. The figures cover listed in the United States and are separate from direct spot-market activity.

Whale Accumulation Offers a Counterpoint

Whale activity complicates that bearish picture. Analyst Ali Martinez reported that large wallets added roughly 15,000 BTC, more than 166,000 ETH and about 45 million XRP within a 72-hour window, purchases that came alongside the ETF redemptions and the broader price decline. The figures were based on on-chain wallet balances rather than exchange or fund flows.

WHALES BOUGHT THE DIP

Over the past 72 hours, whales have accumulated:

• Nearly 15,000 $BTC
• More than 166,000 $ETH
• Around 45 million $XRP pic.twitter.com/8MG27RX4Ga

— Ali Charts (@alicharts) October 10, 2026

ETF flows and wallet data track different types of activity. ETF figures capture movements through listed products, while whale estimates measure changes in large on-chain balances. The two signals can diverge when ETF investors withdraw while other large holders accumulate, and whale balances can rise even as smaller holders or funds distribute coins.

That divergence matters for the outlook. Wallet demand may absorb some of the increased supply without quickly reversing ETF redemptions or retail selling, and traders need to see follow-through in spot buying before treating the accumulation as durable. Whether whale purchases continue beyond the 72-hour window is therefore a key question: sustained buying could absorb some supply, while a pause would leave ETF redemptions as the clearer demand signal.

Exchange Balances Rise as Futures Positions Shrink

Exchange data added to the caution. CoinGlass figures show Ethereum balances on trading platforms rising from 11.71 million ETH on October 8 to 11.8 million the following day, a 90,000-ETH increase that pushed balances to their highest level since September 23. Coins transferred to exchanges may be prepared for sale, although transfers alone do not prove liquidation.

At the same time, futures open interest fell from 13.29 million ETH to 12.77 million ETH, a decline of roughly 520,000 ETH. Lower open interest points to fewer outstanding positions and possible deleveraging, which can ease liquidation risk but also signals weaker appetite for leveraged longs. Taken together, rising exchange balances and declining open interest suggest traders are reducing exposure as spot supply increases, adding another warning to the near-term outlook.

Technical Picture: Key Support at $2,370

On the daily chart, ETH's relative strength index (RSI) — a momentum gauge traders conventionally read as oversold below 30 — slipped to 39, its lowest reading since June, signaling fading momentum without yet reaching oversold territory. The price also moved below the 50-day SMA, a widely followed measure of the medium-term trend, further signs of weakening momentum on the daily timeframe. The $2,500 level has also turned into overhead resistance after ETH fell beneath it.

The near-term picture hinges first on $2,370. A daily close below that support would strengthen the bearish case and bring the 100-day SMA near $2,200 into view, although such a scenario would need confirmation from continued selling or weak demand. If buyers defend $2,370, ETH could consolidate instead, and a recovery above the 50-day average would give bulls a stronger signal. ETH had not reclaimed that level by publication.

This article originally appeared on Blockonomi.