Ethereum Price Forecast: Following Binance hack, ETH slides towards $2,200

Where does Ethereum stand today? Price at $2,230

  • Liquidations exceed $350 million as Ethereum slides towards $2,200 on Friday and derivatives turn bearish.
  • Risk aversion is weighing on the leading altcoin after a $6.3 billion Binance hack and a sell-off in technology shares.
  • Having slipped beneath the horizontal level at $2,256, ETH is looking towards support at $2,204.

Selling pressure persists across cryptocurrencies following the Binance hack and the sell-off in technology shares, sending Ethereum (ETH) towards $2,200 on Friday.

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How are the Binance hack and tech sell-offs weighing on ETH?

Sustained selling in both spot and futures markets over the past day drove the leading altcoin down from $2,330 to $2,177, before it rebounded above $2,200. According to Coinglass data, the decline sparked $350 million in Ethereum futures liquidations over the past 24 hours, with long positions accounting for over $311 million.

As liquidations mounted, funding rates fell to -0.0105, their lowest reading since early June. Negative funding signals that short positions now dominate ETH perpetual futures.

Funding rates for ETH. Data source: Coinglass

To align perpetual futures prices with those of the underlying spot asset, traders holding long and short positions make periodic payments to one another, known as funding rates.

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

Weakness also persisted in the spot market, where US spot ETH exchange-traded funds (ETFs) recorded net outflows of $105.48 million on Thursday. October withdrawals have reached $1.45 billion so far, exceeding the $1.42 billion seen in November 2025 and putting the funds on course for their worst month on record.

Investors' retreat from risk comes after Thursday's $6.3 billion hack targeting crypto exchange Binance. Binance suspended withdrawals, while partners froze $3 billion in stolen funds.

According to the exchange, its own funds will cover the stolen assets, and withdrawals may restart in 48 hours.

Technology share sell-offs are adding to the pressure from the hack. Over the past few months, the crypto market has displayed an increasingly positive correlation with the tech-heavy Nasdaq. At the time of writing on Friday, the Nasdaq was down 3.3%, while the S&P 500 had lost 2.1%.

Pressure on risk assets persists as accelerating inflation and expectations of a December interest rate hike by the Federal Reserve (Fed) leave investors uneasy.

Ethereum technical outlook: Can ETH find support at $2,204 after slipping below $2,256?

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

Any recovery faces an initial 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 upside hurdles lie at $2,549, $2,637 and $2,782.

Chart Analysis ETH/USDT (Binance)
Daily price chart for ETH/USDT

If the decline continues, buyers are likely to emerge at the deeper levels of $1,972 and $1,828. Before those levels, immediate support stands at $2,205, followed by another floor at $2,107.

(An AI tool assisted in preparing the technical analysis in this article. Learn more.)