Ethereum has maintained its footing above $2,400 over the past 24 hours, extending a six-day recovery pattern as buyers continue to absorb selling pressure below that level. The cryptocurrency has repeatedly bounced from this zone, which has acted as a stabilizing force during a period of macroeconomic uncertainty and persistent outflows from investment products.
The $2,400 area previously served as a support base during the consolidation phase from late August to mid-September. Its current defense is reinforced by both technical and on-chain indicators, though repeated rebounds alone do not confirm the end of the correction, especially while Ethereum trades below its shorter-term moving averages.
On-chain support: Realized price at $2,311
According to CryptoQuant, Ethereum's realized price—the average on-chain acquisition cost based on the last movement of each coin—stands at approximately $2,311. When the market price falls below this level, it implies an aggregate unrealized loss under that methodology, though it does not indicate that every holder is underwater.
This cost basis has historically served as a critical reference during weak markets. Continued buying above it could help preserve the current stabilization, whereas a sustained decline below $2,311 might undermine confidence and prompt some investors to reduce exposure.
ETF outflows persist, but buying elsewhere offsets
US spot Ethereum ETFs recorded $103.2 million in net outflows on Monday, followed by another $26 million on Tuesday, according to SoSoValue data. This marks 15 consecutive negative sessions over the past 15 trading days, highlighting prolonged weakness in demand through these products.
Despite this, Ethereum has continued to recover from its nearby support zone, suggesting that buying from other market participants has helped absorb the selling pressure. Derivatives data also reflects the recent rebound: ETH futures liquidations totaled $90.59 million over 24 hours, with short positions accounting for $62.17 million. This indicates that upward price moves caught leveraged bearish traders offside, contrasting with the long liquidations that dominated several declining sessions last week.
Technical outlook: Support holds, resistance ahead
On the daily chart, the 100-day Exponential Moving Average at $2,362 aligns closely with horizontal support at $2,324. Ethereum has repeatedly tested this area without securing a daily close beneath it, helping buyers push the price back above $2,400.
Holding this zone preserves an important technical floor. A decisive daily close below it would weaken the recovery structure and bring the $2,311 on-chain cost basis into sharper focus. Further downside could expose the next technical support at $2,215.
On the upside, the first significant barriers are the 50-day EMA at $2,444 and the 20-day EMA at $2,500. These averages have restricted recent rebounds. A sustained recovery above both would improve the short-term outlook and open a potential test of horizontal resistance at $2,548. Beyond that, $2,781 serves as a higher resistance target.
The Relative Strength Index and Stochastic Oscillator have turned upward but remain below their neutral levels, suggesting that bearish momentum is easing, although buyers have yet to establish clear dominance.
For now, defending $2,324–$2,362 keeps the rebound intact, while reclaiming $2,444–$2,500 would provide stronger evidence of a sustained recovery.
This article is for informational purposes only and does not constitute financial advice.
