$2,400: Ethereum rebounds for a sixth day despite ETF outflows

$2,450: Ethereum price today

• $2,400 has been a recurring rebound area for Ethereum over the past week.
• Buying pressure is likely coming from investors defending the level just above the $2,311 average on-chain cost basis.
• Despite repeated attempts in recent days, ETH has not closed below the support confluence of the 100-day EMA and the $2,355 horizontal level.

$2,400 again provided a rebound area for Ethereum (ETH) on Tuesday. This marked the sixth consecutive day of rebounds near that level, with its on-chain cost basis and key moving averages providing crucial support.

Despite macro pressures over the past week, the leading altcoin has found robust support below $2,400. Each dip beneath that threshold has repeatedly drawn buyers seeking to defend prices.

Support in this area predates the recent sessions. During ETH’s three-week consolidation from late August to mid-September, prices below $2,400 also attracted crucial support.

The repeated buying near this level has two main drivers: nearby on-chain support and technical support.

ETH’s on-chain cost basis draws buyer support

At $2,311, Ethereum’s Realized Price represents its average on-chain cost basis. A move below this price puts the average holder at a loss.

Historically, this has prompted investors to defend the level, particularly when momentum weakens and prices fall, as seen over the past week. Even with persistent selling across spot and futures markets, on-chain support has remained crucial.

Monday brought $103.2 million in net outflows from US spot ETH ETFs, according to SoSoValue. That took the number of net outflow sessions to 14 of the last 15 trading days.

Coinglass data also showed that ETH long positions led crypto liquidations last week, accounting for the largest share on most down days. ETH has since recovered over the past two days. Ethereum futures liquidations totalled $100.4 million in the past 24 hours at the time of writing, with short positions accounting for $64.7 million.

Support below $2,400 remains intact. However, a prolonged fall beneath the realised price could intensify selling as investors seek to limit losses.

$2,355 support and 100-day EMA hold: Ethereum technical outlook

The confluence of the 100-day Exponential Moving Average at $2,362 and horizontal support at $2,355 has helped lift ETH back above $2,400. Repeated tests in recent days have not produced a close below this support zone. Should a daily close break beneath it, attention could turn to support at $2,204.

Overhead, the 20- and 50-day EMAs, at $2,500 and $2,482 respectively, are capping recovery attempts towards resistance at $2,548. Regaining these short-term EMAs could restore an upward bias and trigger a move to test $2,781 resistance.

Both the 14-day Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) edged higher while staying below neutral. These momentum readings point to weakening bearish control.