The current ETH price level of $4,000 appears distant as Ethereum continues to struggle below crucial resistance levels despite the impending launch of spot exchange-traded funds (ETFs) in the U.S. The market lacks bullish momentum, attributed partly to uncertainty over regulatory approval timelines for S-1 fund filings. Nevertheless, the decline in ETH price has led to increased accumulation, possibly hinting at a forthcoming rebound.

Ethereum's Netflow Turns Negative Amid Regulatory Concerns

Ethereum's price remains below the $4,000 mark, with on-chain data indicating investors cashing out profits, contributing to a likely local peak. Coinglass data reveals a total liquidation of over $50 million ETH in the past 24 hours.

Amid regulatory pressures, even with potential SEC approval of filings from major firms like BlackRock and Fidelity, market conditions may not be favorable for Ethereum ETF demand.

CryptoQuant's Taker Buy Sell Ratio shows more selling than buying activity in recent days, with the ratio dropping sharply below one. This indicates active selling of Ethereum, possibly for speculative purposes or profit-taking, hinting at a potential continuation of the price drop if the selling trend persists.

Data from IntoTheBlock suggests a small positive trend as investors seize the opportunity to buy ETH during the price dip. The Netflow metric for Ethereum reflects decreased exchange movements, with about 20,000 ETH withdrawn as prices dipped, signaling rising buying interest and a potential price rebound.

Future Prospects for ETH Price

ETH price is declining towards the $3,100-$3,300 support range, although buyers may strongly defend this level. Presently, ETH trades at $3,490, recording a 5.1% decline in the last 24 hours.

The 20-day EMA is decreasing, with the RSI indicating an oversold condition, favoring bears. A breach below $3,200 could escalate selling pressure, potentially driving ETH/USDT towards the 50-day SMA at $2,858.

On the upside, a sustained rise above the EMA trend lines would signify robust buying interest, potentially enabling bulls to target the key resistance level at $3,730. Surpassing this barrier could pave the way for a climb towards $4,000.