Ethereum Shows Strength Despite Market Decline
Ethereum is holding steady despite the broader market downturn. U.S. spot Ethereum ETFs saw a meaningful $421 million influx on October 7, marking seven straight days of positive inflows.This suggests growing institutional interest.
Exchange reserves have hit a three-year low of 17.4 million ETH.This drop is partly due to corporate holdings and the EIP-1559 fee burn. The token trades around $4,450, supported by strong institutional demand.If momentum continues, it could retest $4,900-$5,000.
Despite a 5.3% dip in the last 24 hours, ETH remains resilient. It’s down just 10% from its August peak of $4,946. The token is up 7% this week and 3.4% this month. The price is consolidating above key support levels. The Relative Strength Index (RSI) at 53 signals a balanced market.
