Ethereum remains in focus as legacy asset manager T. Rowe Price prepares to launch a new actively managed multi-coin exchange-traded fund that is expected to include ETH among its holdings. Fund managers are currently deciding which assets to include and how to allocate weightings. While this development underscores growing institutional confidence in digital assets, it is not expected to have an immediate impact on Ethereum’s price. Over the past two weeks, market sentiment around ETH has been subdued following the major liquidation event on October 10.
According to recent data, open interest in derivatives has stabilized between $19 billion and $20 billion, down from around $27 billion prior to the liquidation event — signaling reduced leverage and a more cautious, bearish market tone. The funding rate has hovered just above zero, briefly dipping into negative territory, further reinforcing this subdued sentiment. These indicators suggest that Ethereum’s market is currently consolidating after a period of heightened volatility.
In a Insights update, analyst highlighted a bearish shift in the 7-day moving average of exchange netflows. On October 15, this figure showed significant outflows of -31k ETH, indicating accumulation. However, recent readings above +3k ETH suggest renewed inflows, reflecting increased selling pressure despite ETH’s price stabilization. This reversal indicates traders should remain alert to the potential for further downside movement if selling persists.
Meanwhile, analyst pointed out that Ethereum continues to hold above a crucial support level — the realized price at $2,300. A drop below this threshold could signal capitulation and a stronger bearish phase. The MVRV ratio, currently at 1.67, shows that holders are, on average, up 67%, placing them in a moderately profitable but cautious position. Although ETH’s price recently approached the upper band of its realized price without breaking through, this stable phase may offer an opportunity for medium-term optimism, as the market consolidates and prepares for potential future gains.