ETH Reclaims $2,300 as ETF Outflows Continue
Ethereum (ETH) rebounded from about $2,270 to reclaim $2,300, tracking Bitcoin’s recovery, but the move has not yet confirmed a sustained trend reversal. In the later update, ETH remained below its realized price of $2,309, a resistance level since the reported $6.3 billion Binance security incident last Thursday. A stronger recovery would require a break above resistance at $2,345–$2,355.
ETF withdrawals have deepened: US spot Ethereum ETFs first recorded $431.4 million in weekly net outflows, then extended their withdrawal streak to seven trading days, including nearly $85 million on Tuesday. October outflows reached a record $1.61 billion, weighing on sentiment about institutional demand. In contrast, about 43.8 million ETH—35.9% of circulating supply—was staked across roughly 814,000 active validators.
Technical signals remain weak, although the 14-day RSI improved from about 34 to 39. ETH is still below major moving averages, with $2,250 as near-term support. A daily close below it could put $2,204 and $2,107 in focus; earlier analysis also flagged $2,200 and $2,000 as downside levels. A sustained move above $2,309 and then $2,345–$2,355 would improve the outlook, with $2,400–$2,450 previously identified as potential targets. Traders are also watching the US employment report due November 6 for clues on interest-rate expectations.
Bearish
The overall signal for ETH is bearish despite its rebound above $2,300. Persistent spot ETF outflows—including a record $1.61 billion in October and a seven-day withdrawal streak—suggest weak institutional demand and may limit buying pressure. ETH also remains below its $2,309 realized-price level and key moving averages, while RSI readings below 40 point to fragile momentum. In the short term, a break below $2,250 could trigger further selling towards $2,204 and $2,107, with earlier analysis highlighting $2,200 and $2,000 as additional downside zones. Low funding rates and increased short positioning could fuel a squeeze if ETH breaks resistance, but they do not guarantee one. Longer term, the large share of ETH staked may support supply dynamics, while a sustained move above $2,309 and the $2,345–$2,355 resistance zone would make the recovery case stronger. Until then, ETF outflows and weak technical structure leave ETH vulnerable to renewed volatility; US employment data could also shift rate expectations and risk appetite.