Near $2,200: Ethereum Price Forecast as ETH Slides After Binance Hack

$2,230: Ethereum price today

• Over $350 million in liquidations accompany Ethereum's decline towards $2,200 on Friday. Derivatives positioning turns bearish.
• A $6.3 billion Binance hack and selling in technology shares have fuelled risk aversion, putting the leading altcoin under pressure.
• Below the $2,256 horizontal level, ETH now looks towards support at $2,204.

$2,200 is in view as Ethereum (ETH) falls on Friday. The Binance hack and technology share sell-offs continue to weigh on the crypto market.

ETH selling intensifies on Binance hack and tech losses

Over the past day, heavy selling across spot and futures markets drove the leading altcoin from $2,330 to $2,177. It subsequently recovered above $2,200. Coinglass data show Ethereum futures liquidations totalled $350 million over the past 24 hours, with long positions accounting for over $311 million.

Funding rates fell to -0.0105 amid the heavy liquidations, reaching their lowest since early June. Negative rates signal that short positions now dominate ETH perpetual futures.

To align perpetual futures prices with the underlying spot market, long and short traders exchange periodic payments 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 US spot ETH exchange-traded funds (ETFs), which recorded net outflows of $105.48 million on Thursday. October withdrawals have reached $1.45 billion so far, exceeding the $1.42 billion withdrawn in November 2025. The funds are therefore heading for their worst month on record.

Thursday's hack of crypto exchange Binance, worth $6.3 billion, prompted the risk-off mood. Binance suspended withdrawals, while partners froze $3 billion of the 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 have added to the pressure from the hack. Over the past few months, the crypto market has become increasingly positively correlated with the tech-heavy Nasdaq. At the time of writing on Friday, the Nasdaq was down 3.3%, while the S&P 500 had fallen 2.1%.

Investors remain uneasy about accelerating inflation and expectations that the Federal Reserve (Fed) will raise rates in December, leaving risk assets under pressure.

$2,204 support in focus: Ethereum technical outlook after ETH breaks $2,256

Trading below all key Exponential Moving Averages (EMAs), ETH retains a bearish near-term bias on the daily chart. Momentum indicators support that view: the 14-day Relative Strength Index (RSI) has entered oversold territory near 29, while the Stochastic Oscillator is around 17. Selling remains dominant, though these readings suggest the leading altcoin may be nearing short-term exhaustion rather than signalling a clear reversal.

The first upside obstacle is the horizontal resistance near $2,257, with $2,355 next. Attention then turns to the EMA cluster, which spans the 100-day EMA around $2,351 to the 50-day EMA near $2,435. Further resistance lies at $2,549, $2,637 and $2,782.

Initial downside support stands at $2,205, followed by $2,107. Should the slide continue, buyers are likely to be drawn to the lower levels of $1,972 and $1,828.

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