Key takeaways
- Ethereum ETFs lose $259.5 million across three sessions
- BlackRock accounts for $223.9 million in withdrawals
- Analyst targets $2,800 if ETH recovery gains momentum
Ethereum ETFs recorded $259.5 million in net withdrawals over three consecutive trading sessions as BlackRock led institutional selling, adding pressure to ETH while the cryptocurrency struggled to hold $2,400.
According to Farside Investors, US spot Ethereum funds lost $129.5 million on October 14, another $60.3 million on October 15 and $69.7 million on October 16.
BlackRock's iShares Ethereum Trust (ETHA) accounted for $223.9 million of those withdrawals, representing approximately 86% of the three-day total.
BlackRock Ethereum ETF Loses $223.9 Million in Three Sessions
The latest withdrawals extend a difficult October for Ethereum investment products.
BlackRock's ETHA recorded $109.8 million in outflows on Wednesday, followed by $44.4 million on Thursday and $69.7 million on Friday.
Friday's withdrawals came entirely from ETHA, while the other tracked Ethereum ETFs reported no net changes.
The broader ETF market recorded approximately $320.1 million in net outflows between October 12 and 16, despite a brief $24.8 million inflow on Tuesday.
The latest figures extend the ETF withdrawals that affected Ethereum, XRP and Solana earlier this week.
However, ETF flows measure net investor subscriptions and redemptions. They do not establish that precisely $259.5 million worth of ETH was immediately sold on cryptocurrency exchanges.
Despite the recent withdrawals, cumulative net inflows into US Ethereum ETFs remained approximately $13 billion through October 16.
Ethereum Price Prediction: Analyst Sees Recovery Toward $2,800
Ethereum's weakness has not eliminated expectations of a near-term recovery.
In an October 16 Ethereum forecast, analyst Alejandro Arrieche identified $2,400 as an important support level following the cryptocurrency's recent decline.
The analyst suggested ETH could retest $2,800 if buying momentum improves, with a break above $2,600 providing stronger confirmation of a recovery.
That potential move would represent approximately 15% upside from ETH's October 16 closing price near $2,420.
However, the forecast depends partly on improving institutional sentiment, which remains difficult to reconcile with the latest ETF outflows.
The current situation follows an earlier ETF selloff that coincided with renewed weakness across Bitcoin and Ethereum markets.
Sustained withdrawals could make a recovery more difficult if the funds continue reducing their exposure.
Can Ethereum Hold $2,400 After $320 Million in Weekly Outflows?
Ethereum's immediate outlook depends on whether buyers can defend the $2,400 region.
Historical price data shows ETH traded as low as approximately $2,391 on October 16 before closing near $2,420.
A sustained recovery above $2,600 would support Arrieche's bullish scenario and bring the $2,800 resistance level back into focus.
Conversely, continued ETF withdrawals combined with a decisive loss of $2,400 could weaken that outlook and expose Ethereum to additional selling pressure.