Key takeaways
- Ethereum ETFs lose approximately $1.61 billion during October
- BlackRock accounts for nearly 88% of monthly withdrawals
- ETH must reclaim $2,300 to strengthen its recovery
Ethereum is approaching the $2,300 level on November 2 after a modest recovery from October's cryptocurrency selloff, but institutional demand remains under pressure following approximately $1.61 billion in monthly spot ETF withdrawals.
ETH traded near $2,285 after rebounding from its October 30 low around $2,179. The recovery has brought the cryptocurrency closer to an important resistance area, although buyers have yet to establish a sustained breakout.
According to Farside Investors' ETF data, U.S. spot Ethereum funds recorded five consecutive sessions of outflows to end October, losing $431.4 million during the final trading week. BlackRock's ETHA accounted for much of the broader monthly decline.
BlackRock Leads Ethereum's $1.61 Billion ETF Selloff
October was particularly difficult for Ethereum's institutional investment products, with BlackRock's ETHA recording approximately $1.42 billion in net withdrawals.
That represented nearly 88% of the combined $1.61 billion monthly outflow, although other funds recorded both inflows and withdrawals during the period.
The final session alone saw $155.7 million leave spot Ethereum ETFs. BlackRock's ETHA lost $76.6 million, while its ETHB product recorded another $19.5 million in redemptions.
The latest selling followed an earlier $1.08 billion ETF exodus that had already undermined Ethereum's recovery during October.
By October 31, five consecutive sessions of withdrawals had pushed ETH toward $2,200, triggering renewed concerns about leveraged liquidations.
The outflows indicate weaker demand through regulated investment products, but they do not establish that every redeemed ETF share resulted in an identical amount of immediate exchange selling.
Ethereum Price Prediction: Can ETH Break Above $2,300?
Ethereum's November recovery is developing around $2,300, a psychological level that previously acted as support before the late-October decline.
The cryptocurrency recently approached $2,314, suggesting buyers are testing resistance near $2,300–$2,320.
A sustained breakout above that region would improve the short-term technical picture and bring $2,350 into focus.
Further gains could reopen the path toward $2,400, although that level previously rejected several recovery attempts.
If Ethereum fails to reclaim $2,300, the first support area remains around $2,250, followed by the $2,200 psychological threshold.
A deeper decline could expose the recent low near $2,179 and eventually the $2,150–$2,100 region.
Earlier Federal Reserve-related analysis also identified $2,150 as a potential downside reference.
| ETH level | Market significance |
|---|---|
| $2,400 | Major recovery target |
| $2,350 | Next resistance |
| $2,300–$2,320 | Immediate breakout zone |
| $2,250 | First support |
| $2,179–$2,200 | Recent low and support region |
| $2,100–$2,150 | Deeper bearish scenario |
Can Institutional Demand Return in November?
The immediate institutional test comes as U.S. ETF trading resumes on November 2.
Ethereum's longer-term investment case remains supported by developments such as Interactive Brokers' introduction of ETH staking, allowing eligible brokerage customers to earn network rewards.
The network's Glamsterdam upgrade also remains a development catalyst, although recent testing delays have introduced uncertainty around its schedule.
Meanwhile, Citigroup's earlier $3,028 Ethereum forecast illustrates the gap between longer-term institutional expectations and current market conditions.
