Ether drops 5%: $2,300 support faces a test
ETH falls 5.3% in 24 hours. ETF outflows weigh, Bitmine keeps buying. Will support at $2,300 hold?
Key Takeaways
- ETH drops more than 5 percent in 24 hours to around $2,380.
- Spot Ether ETFs have seen outflows, while Bitmine keeps buying and staking.
- If $2,300 breaks, $1,860 comes into view.
Ether is under pressure: according to our market data, ETH is down 5.3 percent in 24 hours and trades near $2,379. That puts the number two crypto well behind Bitcoin, which is off about 4.1 percent over the same period at just under $81,200. The key question now is whether support at $2,300 holds for a third time.
Buyers defend $2,300 – so far
As 24/7 Wall St. reports, ETH has tested the $2,300 zone twice this month. On October 15, the price fell as low as $2,313 but closed the day at $2,439. On October 18, it hit a low of $2,325 and closed at $2,408. Both times buyers stepped in.
The room for a rebound remains narrow. The price sits below the 20-day average of $2,520 and the 50-day line at $2,551. Anyone who bought in recent weeks is mostly underwater and could sell into any rally. ETH has given up a good deal from its monthly high of $2,788 and is down roughly 12 percent over the month. Since the start of the year the loss adds up to about 19 percent, while Bitcoin has shed only about 3.8 percent.
ETF outflows versus Bitmine's buying
Institutional demand is soft. According to 24/7 Wall St., cumulative net inflows into US spot Ether ETFs fell from $14.0 billion to $12.8 billion between September 28 and October 21. On October 19, investors pulled $103.3 million, followed by another $26.1 million on October 20. The largest single-day outflow of the month came on October 6 at $201.9 million. Only on October 21 did $15 million of fresh money return – too little to turn the trend.
Bitmine provides a counterweight. The company staked another 159,728 ETH, according to the report, bringing its staked total to 5.23 million coins. Its overall holdings grew from 6.02 million ETH on October 5 to 6.04 million on October 19. Staked coins are not immediately available for sale, which eases supply in turbulent phases. So far, that does not outweigh the ETF outflows.
What momentum says
Momentum signals a mixed picture. On the hourly chart it is bearish, on the 4-hour chart neutral, and on the daily chart bearish. Only the weekly chart still shows bullish. In the short term, downward pressure dominates, while the broader trend has not yet broken. This is an assessment of market conditions, not trading advice.
Scenarios
If ETH closes a day below $2,313 while ETF outflows exceed $100 million, 24/7 Wall St. names $1,860 as the next target. That would be about 23 percent below the current level and match the July 24 low.
If support holds and ETF flows stabilize, a close above $2,520 would be the first sign of a counter-move. The monthly high of $2,788 would then still sit more than 16 percent away.