Jack Ma’s ETH Reserves Report Boosts Market Sentiment

• Ethereum is trading around $4,456, and the target is to break above $4,800 and $5,000 to $5,200.
• Jack Ma’s report on Ethereum reserves has increased optimism and captured market attention.
• Net outflows of $66 million indicate profit-taking, but derivatives data supports a bullish bias.

Ethereum (Crypto: ETH) price is trading around $4,456 today, consolidating just below the key downtrend line that has limited upside attempts since August. The market is trading above short-term support, with buyers defending the $4,390-$4,290 zone where the 20-day and 50-day EMA converge.

Ethereum price maintains upward support

On the daily chart, Ethereum continues to trade within an ascending triangle pattern defined by upward support from June and a horizontal ceiling around $4,750-$4,800. This structure suggests that a breakout is imminent as price approaches the apex of the triangle.

Momentum indicators remain neutral but stable. The RSI is around 53, which shows that there is room to move in either direction. Meanwhile, the 20-day EMA is at $4,390 and the 100-day EMA is at $3,964, reinforcing the broader uptrend. A close above $4,800 would signal a continuation of the bullish phase, paving the way for $5,000 to $5,200, while failure to sustain $4,290 could expose the stock to further decline to $3,960.

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Outflows resume despite strength in derivatives

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ETH Netflows (Source: Coinglass)

According to Coinglass, Ethereum recorded net outflows of $66 million on October 8, indicating modest profit-taking after last week’s rally. While short-term capital outflows often cool overheated price movements, sustained weakness in currency balances has historically preceded mid-cycle corrections.

Still, the outflow comes as trading volume soars 55% in 24 hours, indicating increased activity rather than a panic exit. This contrast suggests that traders are rotating capital rather than leaving the market completely, a move often seen before structural breakouts.

Derivatives show mixed feelings

Open interest fell 4% on the day to $60.9 billion, while options open interest rose to $15.2 billion, according to derivatives data. This change indicates that traders reduce leveraged positions while increasing exposure through hedging strategies.

Notably, Binance's long/short ratio is 2.02, indicating that top traders maintain a strong long bias. More than $180 million of positions were liquidated in 24 hours, including $146 million of long positions, reflecting active profit taking following Ethereum's recent rally.

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If open interest continues to normalize while options volume increases, it would mean consolidation will occur before potential volatility increases.

Jack Ma's Ethereum reserves spark investor optimism

Market sentiment received a new boost after Crypto Rover reported that Jack Ma was building a strategic Ethereum reserve, with the headline quickly gaining traction among traders. Although the details remain unconfirmed, the post draws parallels to the corporate accumulation trend seen earlier in the Bitcoin cycle.

Stories like this tend to attract speculative inflows, especially from Asian markets where Ethereum developer adoption and participation in staking is rapidly expanding. The combination of symbolic investor confidence and technical positioning could fuel renewed interest above the $4,800 resistance.

Technical outlook for Ethereum price

Short-term Ethereum price prediction revolves around the following major levels:

• Upside price target: If the bullish momentum returns, it will move to $4,800, $5,000, and $5,200.
• Downside support materials: Short-term defense zones include $4,390, $4,290, and $3,960.
• Trend support: $3,500 (200-day EMA), indicating a long-term control line.

A sustained close above $4,800 could validate the ascending triangle breakout and mark the beginning of Ethereum’s next impulse wave.

Outlook: Will Ethereum Rise?

Ethereum maintains its constructive technical position as long as the price stays above the $4,290-$4,390 range. Despite short-term capital outflows, derivatives data and cumulative headlines suggest the market remains bullish.

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If buyers can recover $4,800, the breakout could accelerate toward $5,200, reaffirming Ethereum’s leadership in the ongoing market cycle. Conversely, failure to defend support could result in an extended consolidation before the next big move.