Key takeaways
- Ethereum struggles near $2,300 as selling pressure grows
- Spot Ethereum ETFs record three consecutive outflow sessions
- Traders watch $2,400 resistance and $2,200 downside support
Ethereum is struggling to regain momentum after another cryptocurrency market selloff pushed ETH toward $2,300, leaving investors questioning whether the second-largest cryptocurrency can recover before November.
ETH traded around $2,320 on October 29, declining roughly 2% over 24 hours as investors reacted to the Federal Reserve's decision to leave interest rates unchanged and growing uncertainty across technology stocks.
However, Ethereum faces another challenge that distinguishes it from Bitcoin: institutional investment flows remain negative even as US spot Bitcoin ETFs attract fresh capital.
Ethereum ETF Outflows Reach $170 Million as BTC Funds Recover
US spot Ethereum exchange-traded funds recorded approximately $21.4 million in net withdrawals on October 28, extending their losing streak to three consecutive trading sessions.
According to SoSoValue data reported by crypto.news, BlackRock's ETHA experienced $44.8 million in outflows on Wednesday, partially offset by purchases in competing funds.
Combined Ethereum ETF withdrawals reached approximately $170.2 million between October 26 and October 28.
By comparison, Bitcoin ETFs attracted roughly $137 million on Wednesday alone, suggesting institutional investors are approaching the two assets differently.
The latest figures extend the ETF selling pressure that has affected Ethereum throughout October.
Earlier leveraged liquidations demonstrated how declining prices can trigger additional selling when traders are forced to close positions.
With institutional withdrawals continuing, Ethereum needs stronger spot-market buying to establish a sustainable recovery.
Ethereum Price Prediction: Can ETH Reclaim $2,500?
Ethereum's immediate technical challenge is recovering the $2,400 level, which has repeatedly acted as resistance during October's decline.
The cryptocurrency recently traded between approximately $2,290 and $2,390, with buyers defending the lower end of that range but struggling to sustain momentum.
A convincing recovery above $2,400 could open the path toward $2,480–$2,500, followed by $2,550–$2,600 if buying pressure strengthens.
Coinpaper's earlier $2,600 recovery scenario identified similar resistance levels after ETH lost more than 12% during October.
The longer-term outlook remains more optimistic among some institutional analysts.
Citigroup previously raised its 12-month ETH target to $3,028, approximately 35% above its earlier $2,240 forecast.
However, the projection is a longer-term estimate rather than evidence that Ethereum will recover immediately.
Could Ethereum Fall Below $2,200 Before November?
The bearish scenario centers on the $2,290–$2,300 support region, which has attracted buyers during several recent declines.
If Ethereum breaks below that area and fails to recover, the next downside levels emerge around $2,200 and $2,150.
A deeper correction toward $2,100 could become possible if institutional selling intensifies or broader cryptocurrency markets weaken further.
Coinpaper previously examined the possibility of ETH falling below $2,000 if the October correction develops into a more sustained breakdown.
Ethereum's delayed Glamsterdam testing adds another development to monitor, although the postponement does not establish a direct cause of the token's recent losses.
The upgrade aims to improve Ethereum's execution capacity and block production, potentially strengthening the blockchain's long-term competitiveness.
Still, technological progress alone does not guarantee additional ETH demand.
