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TLDR:
- Ethereum trades near $2,266 as buyers attempt to defend the $2,250 level ahead of this weekly close.
- U.S. spot Ethereum ETFs recorded $155.7 million in net outflows on October 30, extending the streak.
- Ted said ETH funding rates hit their lowest level since June, with shorts expecting another decline.
- Ethereum’s weekly chart places the next support at $2,192, with resistance around $2,400 and $2,500.
The Ethereum price recovered to around $2,266 on Sunday after the Binance hack raised concerns over the stolen ETH supply. However, the recovery has remained limited, with ETH still trading below its previous weekly high of $2,385.
The cryptocurrency is now approaching its weekly close, while ETF withdrawals and bearish futures positioning remain concerns for traders. Market attention has turned to whether Ethereum can hold $2,250 before the new trading week begins.
Ethereum Price Holds $2,250 as ETF Withdrawals Continue
Ethereum has recovered some ground since Thursday’s selloff, when news of the Binance breach spread across cryptocurrency markets. ETH briefly dropped below $2,200 before buyers returned, although the rebound has struggled to gain further momentum.
Crypto analyst Ted warned that Ethereum needs to hold $2,250 into Sunday’s weekly close. According to the analyst, losing that level could make the coming week more difficult for buyers. He also reported that ETH funding rates had reached their lowest levels since June’s market bottom.
The weak futures positioning comes alongside continued withdrawals from U.S. spot Ethereum exchange-traded funds. According to Farside Investors, the funds recorded $155.7 million in net outflows on October 30. This marked five consecutive sessions of withdrawals, bringing the combined total to $431.4 million.
BlackRock’s ETHA accounted for $76.6 million of Friday’s outflows, while Grayscale’s Ethereum Mini Trust recorded another $34.1 million. The withdrawals continued even as some corporate investors increased their holdings. Bitmine, for instance, purchased another 10,452 ETH during the previous week, taking its total holdings above 6 million tokens.
Meanwhile, traders remain concerned about Ethereum holdings linked to the Binance attackers. Blockchain investigators linked the breach to North Korea’s TraderTraitor group, while stablecoin issuers froze billions in affected assets. Unlike those tokens, native ETH cannot be frozen by a central issuer, leaving potential transfers under scrutiny.
Ethereum Price Prediction Points to $2,192 as Next Support
With Ethereum still struggling below $2,385, the weekly chart shows that sellers have retained control of recent price movements. An earlier Ethereum market analysis identified weakness around this level before the latest decline. ETH subsequently moved toward $2,200, bringing the next support area into focus.
The weekly chart places immediate support at $2,192.47, close to the middle line of the 20-week Bollinger Bands. If buyers defend that level, Ethereum could attempt another recovery toward $2,400 and $2,500.
For a stronger recovery, ETH would need to reclaim $2,800.47, where its previous advance faced resistance. A move above that area would put the upper Bollinger Band at $2,914.16 within reach. Further buying could then bring the next resistance level at $3,447.44 into focus.
However, a weekly close below $2,192 would weaken the recovery outlook and expose support near $1,965.22. Continued selling could push ETH toward $1,713.44, while the lower Bollinger Band sits around $1,470.78.
The downside risk follows an earlier break below Ethereum’s rising daily trendline during the Binance-related market selloff. With futures positioning still weak, traders will watch whether ETH can defend $2,250 into the weekly close. Monday’s ETF flow data will provide another measure of demand when U.S. markets reopen.
