Ethereum Exchange Outflows Hit Yearly High, Price Faces Resistance at $3,255

Despite the bullish sentiment surrounding Ethereum and the record-high exchange outflows, ETH may face challenges in surpassing the $3,255 mark in the short term. With the U.S. SEC potentially approving Ethereum ETFs by May and the belief that ETH will outperform Bitcoin this cycle, holders remain optimistic about the future of the cryptocurrency.

However, technical indicators suggest that ETH may target a lower low before seeing significant gains. The RSI indicates potential for further price increase, but the EMA and Supertrend signal a bearish trend, with a potential rejection at $3,255. The MFI also shows capital outflows from the market, indicating resistance at $3,500.

As the market continues to fluctuate, it will be interesting to see how Ethereum navigates these challenges and whether it can break through key resistance levels in the near future.