Ether advanced beyond $2,340 on Wednesday, steadying after last week's decline as buyers defended a zone where several technical and on-chain indicators converge. The cryptocurrency's realized price sits at $2,310, its 200-day exponential moving average (EMA) is near $2,315, and wallets holding between 1,000 and 10,000 ETH have an average cost basis of $2,328. These levels fall within an $18 range, making the area a critical test for the near-term outlook.
Holding above this cluster could preserve a foundation for recovery, while a sustained breakdown would weaken the support structure. CryptoQuant data shows that the realized price—an estimate of the market's average onchain acquisition cost—has historically provided support during downturns, and ETH has rebounded near it several times over the past three days. However, a sustained move below realized price could increase selling pressure as the market trades under its aggregate cost basis.
The $2,328 average cost basis of mid-sized holders adds another reference point. This cohort increased its holdings by 40,000 ETH over the past week, while larger holders remained broadly steady, according to CryptoQuant. That accumulation offers a supportive signal despite persistent weakness elsewhere.
Meanwhile, U.S. spot Ethereum ETFs recorded $88.5 million in net withdrawals on Monday, followed by $60.22 million on Tuesday. These follow $220.6 million in outflows during October 19–23, according to SoSoValue. October's cumulative withdrawals reached $1.26 billion through Monday, making it the second-largest monthly outflow since the products launched, behind November 2025's $1.42 billion. Approximately $160 million in additional net withdrawals would tie that record.
In contrast, Bitcoin ETFs have seen considerably smaller net withdrawals this month, with $110.3 million in inflows on Monday and October net outflows of about $202 million. In dollar terms, Ethereum ETF withdrawals were roughly six times Bitcoin's monthly total, highlighting the heavier redemption pressure on ETH-linked products.
From a technical perspective, Ether has reclaimed its 200-day EMA near $2,315 after holding that level earlier this week. However, a daily close below that average would weaken the chart and bring support at $2,256 into focus, with further downside at $2,204 and $1,971. For buyers, the first obstacle is the 100-day EMA at $2,362. A decisive daily close above that could see resistance at $2,444, followed by the 50-day EMA at $2,453. A close above that broader resistance cluster would help ease the bearish tone and could open a path toward $2,548 and $2,636.
The 14-day Relative Strength Index stands at 38, near the conventional oversold threshold, while the Stochastic Oscillator reads 27. These readings suggest downside momentum may be stretched, but they do not confirm a reversal. CoinGlass data also showed $40 million in ETH futures liquidations over the preceding 24 hours, including $34 million in short positions.
For now, defending the $2,310–$2,328 zone and reclaiming nearby resistance remain the key technical tests as ETF redemptions continue.
This article is for informational purposes only and does not constitute financial advice.
