#ETH Slips Toward $2,200 as Middle East Tensions Rattle Markets
Ethereum had moderate selling pressure on Friday, with 72,000 ETH exchange inflows after four days of 285,000 ETH flow.
ETH has structural demand despite short-term price drops owing to Middle East conflict fears.
ETH awaits a breakthrough at the symmetrical triangle apex.
As Middle East war fears rise, Ethereum (ETH) trades at $2,420, down 3% on Friday and on course for another weekend loss.
Friday saw 72,000 ETH in exchange net inflows, bringing the total to 285,000 ETH in four days. Crypto exchange net inflows indicate significant selling pressure, unlike ETFs.
The spot market selling boosted Ethereum's futures open interest (OI) by 720,000 ETH, according to Coin glass. Prices decreased swiftly as OI climbed, suggesting that fresh money entering the market may have opened short bets. The previous 24 hours witnessed $163 million in ETH liquidations. Long liquidations total $140.94 million and short liquidations $22.42 million.
The action follows White House Press Secretary Caroline Leavitt's confirmation that Trump would decide on Iran policy in two weeks.
According to Binance Research's Moulik Nagesh on Friday, "structural demand remained resilient [...] beneath the surface," despite the market's short-term decline.
According to Crypto quant, ETH accumulation addresses, wallets without selling activity, have increased by a record 5 million ETH since June. Most of the buildup has likely gone toward staking, with total ETH staked reaching a record high of 35.1 million ETH, over 500,000 of which was added in June.
After a false breakthrough last week, Ethereum is reaching the apex of a symmetrical triangle. It briefly rose over $2,850 before falling down below $2,450.
The triangle's top border is maintained by the 200-day Simple Moving Average (SMA), which has been a significant barrier since May 13, and the bottom limit by the 50-day EMA.
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