Ethereum gained 1.12% to nearly $2,270 on November 1 as Bitcoin approached $78,000, even as U.S. spot Ethereum ETFs logged five consecutive sessions of net withdrawals. Analysts are watching $2,250 support and $2,300 resistance.
Ethereum recovered above $2,250 on November 1, gaining 1.12% to almost $2,270 as Bitcoin approaches $78,000 following last week's crypto sell-off. The move comes after several difficult sessions that pushed Ethereum toward $2,200 following the October 29 Binance security breach.
Ethereum ETFs post $431.4 million in outflows
Ethereum's gains have closely followed Bitcoin's recovery after the market losses triggered by the Binance hack. The incident involved the theft of approximately $6.3 billion in digital assets, and Binance has since started restoring withdrawals and reported that around 95% of affected assets have been replenished.
Institutional products have not offered comparable support. Data from Farside Investors shows U.S. spot Ethereum ETFs recorded $155.7 million in net withdrawals on October 30, led by $76.6 million from BlackRock's ETHA. Across October 26–30, Ethereum funds saw five consecutive sessions of net withdrawals totaling $431.4 million, compared with $220.7 million during the previous five-session period.
Staking climbs while funding rates fall
Despite the withdrawals, staking activity keeps growing. CryptoQuant analyst theophiluspep reported that nearly 43.8 million ETH sits in Ethereum's consensus layer, around 35.9% of circulating supply. The source notes that these figures do not establish that staking demand caused Sunday's price increase.
Derivatives traders remain cautious. Analyst Ted Pillows reported that Ethereum's funding rate had fallen to its lowest level since June's market bottom.
Traders watch $2,250 support and $2,300 resistance
Ethereum's daily chart shows lower highs and lower lows after its October decline from the $2,750 region. The Relative Strength Index stands at 34.15, which indicates weak momentum and places ETH near the commonly watched oversold threshold of 30.
Analyst Michaël van de Poppe said that reclaiming $2,300 would be bullish, although he acknowledged the possibility of a decline below $1,850 if the market failed to recover. A sustained move above $2,300 would bring the $2,400–$2,450 resistance area into focus, while losing $2,250 could expose $2,200.
Traders will also monitor the November 6 U.S. employment report for data that could influence expectations for Federal Reserve interest rates.
Source: crypto.news
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