Ethereum Price Forecast: ETH slides to near $2,200 following Binance hack

Ethereum trades at $2,230 today

• Over $350 million in liquidations accompany Ethereum's retreat towards $2,200 on Friday, while derivatives turn bearish.
• Following a $6.3 billion Binance hack and a sell-off in technology shares, risk aversion weighs on the leading altcoin.
• Having slipped beneath the $2,256 horizontal level, ETH turns its attention to support at $2,204.

The $2,200 level comes into view for Ethereum (ETH) on Friday, with the Binance hack and selling in technology shares continuing to weigh on the cryptocurrency market.

ETH selling intensifies after Binance hack and technology share declines

From $2,330, the leading altcoin fell to $2,177 before reclaiming $2,200, as heavy selling swept spot and futures markets over the past day. According to Coinglass data, the decline prompted $350 million in Ethereum futures liquidations over the past 24 hours, with long positions accounting for over $311 million.

Funding rates fell to -0.0105 amid the substantial liquidations, reaching their lowest since early June. Their move below zero signals that short positions now dominate ETH perpetual futures.

To keep perpetual futures contract prices aligned with their underlying spot prices, traders holding long and short positions exchange periodic payments known as funding rates.

A fall of 410,000 ETH took Ethereum's open interest to 12.61 million ETH. Open interest measures the total value of outstanding contracts in a derivatives market.

Thursday brought a further $105.48 million in net outflows from US spot ETH exchange-traded funds (ETFs), extending their weakness. With October outflows so far totalling $1.45 billion, the funds are heading for their worst month on record, exceeding the $1.42 billion withdrawn in November 2025.

Behind the risk-averse mood is Thursday's hack of crypto exchange Binance involving $6.3 billion. As Binance suspended withdrawals, partners froze $3 billion of the stolen funds.

Binance said its own funds would cover the stolen assets, adding that withdrawals may restart in 48 hours.

Selling in technology shares adds to the pressure from the hack on the cryptocurrency market. Over the past few months, cryptocurrencies have displayed an increasingly positive correlation with the technology-heavy Nasdaq. At the time of writing on Friday, the Nasdaq was down 3.3%, while the S&P 500 had lost 2.1%.

Investor unease continues to weigh on risk assets amid accelerating inflation and expectations that the Federal Reserve (Fed) will raise rates in December.

Ethereum technical outlook: ETH targets $2,204 support as $2,256 gives way

Trading below all its key Exponential Moving Averages (EMAs), ETH retains a bearish short-term bias on the daily chart. Momentum indicators support that view: the 14-day Relative Strength Index (RSI) has fallen into oversold territory near 29, while the Stochastic Oscillator sits around 17. Although sellers remain in control, these readings suggest the leading altcoin may be nearing short-term selling exhaustion rather than a clear reversal.

Any recovery first faces a horizontal resistance level near $2,257, followed by $2,355 and then a cluster of EMAs stretching from the 100-day EMA around $2,351 to the 50-day EMA near $2,435. Further resistance lies above these levels at $2,549, $2,637 and $2,782.

Should the decline continue, $2,205 provides the nearest support, followed by $2,107. Further down, buyers would be likely to emerge at $1,972 and $1,828 if the current slide persists.

(The technical analysis of this story was written with the help of an AI tool. Know more.)