Ethereum fell to around $2,318 on October 29 as U.S. spot Ethereum ETFs recorded a third straight session of outflows. Technical indicators stay bearish, and analysts point to $2,400 as a recovery level.
Ethereum price fell 2.12% to $2,317.78 as selling continued across the cryptocurrency market. U.S. spot Ethereum ETFs recorded $21.41 million in reported net outflows on October 28, their third consecutive session of withdrawals, according to SoSoValue.
BlackRock's iShares Ethereum Trust (ETHA) accounted for $44.83 million in outflows, while inflows into other funds offset some of the losses. However, Bitcoin declined 1.66% during the same 24-hour period.
ETF withdrawals stretch across three sessions
SoSoValue data showed that investors withdrew $88.58 million from spot ETH ETFs on October 26, followed by $60.22 million on October 27. Across the three sessions, the funds recorded approximately $170.21 million in combined net outflows.
Meanwhile, ETH traded below its seven-day moving average of $2,354 and its 30-day moving average of $2,498. The cryptocurrency has struggled to recover from its late-September high near $2,800.
Indicators lean bearish near $2,300
The Moving Average Convergence Divergence (MACD) line stood at -57.69, below the signal line at -51.75. Immediate support lies between $2,290 and $2,300, and a sustained move below that area could expose Ethereum to $2,200.
On the upside, buyers would need to reclaim $2,400 before attempting another move toward $2,500.
Whales reduce holdings as exchange balances grow
On-chain data showed that whales reduced their holdings by approximately 160,000 ETH, worth more than $348 million, over the past few days. At the same time, the amount of Ethereum held on exchanges grew by approximately 100,000 ETH, although the figures do not establish whether those holdings have been sold.
Analyst Ali Martinez identified $2,385 as an important price level, warning that continued trading below it, alongside elevated exchange balances, could leave Ethereum vulnerable to further losses.
Source: crypto.news
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