4 days ago
8
Key Takeaways
- ETH is trading at $2,171, sitting on a critical support zone near the 100-day SMA and the $2,100 structural level
- Ethereum ETFs recorded $65.7M in net outflows on May 15, marking the fifth consecutive day of negative flows
- RSI at 38 is approaching oversold territory, but no confirmed bounce has occurred yet
- Exchange reserves are declining (-0.23%), while netflow data shows recent selling pressure has eased slightly
As of May 16, ETH is trading at approximately $2,171, down 2.3% on the day and roughly 6% over the past week. The price is currently sitting just above the 100-day simple moving average and near a well-established structural support zone in the $2,100 to $2,150 range. For context, the 50-day SMA is at $2,254 and the 200-day at $2,610 – both sitting well above current price, confirming that the medium-term trend remains under pressure.
The RSI on the daily chart has dropped to 38.35, a level that has historically preceded bounces when it aligns with strong technical support. However, an RSI reading approaching oversold does not i...
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