Ethereum price has recovered above $2,250 on November 1, gaining 1.12% to almost $2,270 as Bitcoin approaches $78,000 following last week’s crypto sell-off.
Summary
- Ethereum price has gained 1.12% to nearly $2,270 as Bitcoin recovers toward $78,000.
- ETH is recovering from October’s losses despite five consecutive sessions of spot Ethereum ETF outflows.
- U.S. spot Ethereum ETFs recorded $431.4 million in weekly withdrawals, including $155.7 million on Friday.
- CryptoQuant data shows 43.8 million ETH staked, representing about 35.9% of Ethereum’s circulating supply.
- Analysts are watching $2,250 support and $2,300 resistance, while funding rates point to increased short positioning.
According to crypto.news price data, ETH traded near $2,269.89 during Sunday’s session, while Bitcoin price gained roughly 0.7% to $77,961. The recovery follows several difficult trading sessions that pushed Ethereum toward $2,200 after the October 29 Binance security breach.
Ethereum’s advance has coincided with improving prices across the cryptocurrency market. However, continued institutional withdrawals and weak technical indicators suggest buyers have yet to establish a sustained recovery.
Why is Ethereum price rising despite ETF outflows?
Ethereum’s latest gains have closely followed Bitcoin’s recovery, with both cryptocurrencies trading higher after the market losses triggered by the Binance hack.
The incident initially pushed cryptocurrency prices lower as traders reacted to the theft of approximately $6.3 billion in digital assets.
However, Binance has since started restoring withdrawals and reported that around 95% of affected assets have been replenished. The exchange has committed to covering the stolen funds using its own resources.
Although these developments have reduced some immediate concerns surrounding the exchange, Ethereum has not received comparable support from institutional investment products.
Data from Farside Investors shows U.S. spot Ethereum ETFs recorded $155.7 million in net withdrawals on October 30.
BlackRock’s ETHA led the selling with $76.6 million in outflows. Grayscale’s Ethereum Mini Trust lost $34.1 million, while its ETHE product recorded another $21.5 million.
BlackRock’s ETHB registered $19.5 million in withdrawals, followed by Fidelity’s FETH at $3.3 million and Morgan Stanley’s MSSE at $700,000.
Across October 26–30, Ethereum funds experienced five consecutive sessions of net withdrawals totaling $431.4 million, compared with $220.7 million during the previous five-session period.
As crypto.news reported on October 29, persistent institutional selling had already pressured ETH before the Binance incident.
Ethereum staking reaches record levels as institutional selling continues
Despite the ETF withdrawals, Ethereum’s staking activity has continued growing, according to CryptoQuant analyst theophiluspep.
The analyst reported that nearly 43.8 million ETH was locked in Ethereum’s consensus layer.
The amount represents around 35.9% of circulating supply, with the network supporting approximately 814,000 active validators.
Staked ETH remains committed to network validation until holders withdraw it through Ethereum’s staking process. Its continued growth has coincided with investment funds reducing their exposure.
The analyst described the situation as a contrast between growing staking participation and persistent ETF redemptions.
However, the figures do not establish that staking demand caused Sunday’s price increase. They show that ETH continued entering staking contracts during a period of institutional selling.
Meanwhile, derivatives positioning has remained cautious. Crypto analyst Ted Pillows reported that Ethereum’s funding rate had fallen to its lowest level since June’s market bottom.
Negative or unusually low funding rates can indicate stronger demand for short positions, although they do not guarantee an incoming short squeeze.
Ethereum price faces resistance at $2,300
Ethereum’s daily chart continues to show lower highs and lower lows following its October decline from the $2,750 region.
At around $2,270, ETH remains close to the $2,250 support level, which traders have identified as an important area for the weekly close.
The Relative Strength Index stands at 34.15, indicating weak momentum and placing ETH near the commonly watched oversold threshold of 30.
Meanwhile, the Moving Average Convergence Divergence indicator remains negative at -70.23, below its signal line at -61.05. The histogram reading of -9.18 suggests bearish momentum may be easing.
Crypto analyst Michaël van de Poppe identified the current price region as a potential buying area, noting that Ethereum had revisited lows recorded since its August breakout.
He said reclaiming $2,300 would be bullish, although he acknowledged the possibility of a decline below $1,850 if the market failed to recover.
Separately, Ted Pillows warned that a weekly close below $2,250 could create further difficulties for Ethereum price.
A sustained move above $2,300 would bring the $2,400–$2,450 resistance area into focus. Losing $2,250 could expose $2,200, followed by the psychological $2,000 level.
Traders will also monitor the November 6 U.S. employment report for fresh economic data that could influence expectations for Federal Reserve interest rates.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
