Ethereum Faces $2,300 Support as $2,600 Recovery Hangs on $2,500

Published: 2026-10-24 19:41:59 |

Ethereum has fallen about 12% in October and traded around $2,350–$2,370 on October 24, below its monthly open near $2,684. ETH remains under pressure after struggling to hold above $2,500. US spot Ethereum ETFs recorded about $671 million in net outflows over the latest 30 trading sessions, with withdrawals on 19 days. A modest reversal brought $4.4 million in net inflows on October 23, led by Fidelity’s FETH. BitMine, meanwhile, reported holdings of about 6.04 million ETH on October 19 as it pursues a target of 5% of circulating supply. For a stronger recovery, Ethereum needs to reclaim $2,400 and break through resistance around $2,490–$2,550, where its 20-day and 50-day moving averages stood. That could put $2,600 in view. Conversely, a sustained break below the $2,300–$2,313 support zone could expose $2,150–$2,200. Ethereum’s Hoodi testnet is scheduled to activate on October 26 to test a 200-million gas limit. The milestone supports the network’s scaling roadmap, but does not guarantee near-term ETH demand.

Bearish

The near-term balance of evidence is bearish for Ethereum. ETH has lost about 12% in October, remains below key moving-average resistance around $2,490–$2,550, and has faced substantial spot ETF outflows. The $4.4 million inflow on October 23 is a tentative improvement, but it is small compared with roughly $671 million in net withdrawals across the latest 30 sessions. If ETH loses the repeatedly tested $2,300–$2,313 support, traders may look toward $2,150–$2,200, potentially adding volatility and prompting stop-loss selling. There are counterweights. BitMine’s reported accumulation and improved ETF flows could help sentiment if they persist. A decisive move above $2,500 would weaken the bearish setup and could bring $2,600 into focus. The Hoodi testnet milestone may support confidence in Ethereum’s longer-term scaling roadmap, but technical progress has not reliably produced immediate price gains without stronger demand and market-wide support. As in prior periods when ETF outflows coincided with failed resistance breaks, traders are likely to focus on flow data and support levels. The outlook could improve over the longer term if accumulation continues and network development advances, but the article’s immediate technical and flow signals favour downside risk.