Ethereum traded near $2,266 on Sunday after buyers stepped in following news of a major security incident at Binance. Despite recouping some earlier losses, ETH remained below its weekly high of $2,385 ahead of the weekly close. Traders closely monitored whether the cryptocurrency would maintain support at the $2,250 level as selling pressure persisted.
ETF outflows weigh on Ethereum price stability
Market attention this week has centered on continued withdrawals from US spot Ethereum exchange-traded funds. According to data from Farside Investors, these ETFs recorded net outflows of $155.7 million on October 30, marking five consecutive trading days of withdrawals. The total net outflow reached $431.4 million over this period.
Among the funds, BlackRock’s ETHA saw $76.6 million pulled out on the latest trading day, while Grayscale’s Ethereum Mini Trust posted $34.1 million in outflows. Despite the trend, some institutional players added to their holdings. Digital asset firm Bitmine purchased an additional 10,452 ETH last week, increasing its total balance to over 6 million tokens. However, investor sentiment remained cautious as large outflows signaled a persistent lack of new demand.
| ETF | Latest Net Outflow | Total Net Outflow (5 days) |
|---|---|---|
| BlackRock ETHA | $76.6 million | Included in $431.4 million |
| Grayscale Ethereum Mini Trust | $34.1 million | Included in $431.4 million |
| All US Spot Ether ETFs | $155.7 million (October 30) | $431.4 million (5 sessions) |
Traders debate ETH funding rates and technical support
Crypto analyst Ted highlighted that ETH funding rates have dropped to their lowest levels since June, reflecting a bearish outlook in futures markets. He pointed out that short interest remained elevated, with many traders expecting further declines. Ted cautioned that Ethereum needed to close the week above $2,250 to stabilize its outlook, warning that a drop below this threshold could increase downside risk for the coming week.
Crypto analyst Ted observed that funding rates for Ethereum futures have reached new lows and noted,
“Funding rate is now at its lowest level since June’s bottom. Too many shorts expecting a major dump in Ethereum.”
Technical analysis placed the next major support at $2,192, near the middle band of the 20-week Bollinger Bands. A close above this mark could signal a potential rebound toward resistance levels at $2,400 and $2,500. Conversely, sustained selling below $2,192 could expose ETH to further losses toward $1,965 and potentially $1,713.
Binance breach and North Korean hacking group concerns
The recent market turbulence followed a significant security breach at Binance, one of the world’s largest cryptocurrency exchanges. Blockchain investigators linked the incident to North Korea’s TraderTraitor group, raising concerns over the fate of the stolen ETH. While several stablecoin issuers responded by freezing billions in compromised assets, Ethereum’s native token remains outside the control of any central issuer, making its movement difficult to halt.
Mini dictionary: TraderTraitor, also known as the Lazarus Group, is a North Korean state-sponsored hacking operation linked to multiple high-profile cryptocurrency thefts. The group has targeted exchanges and crypto platforms globally, often seeking to generate revenue for the regime.
Investors and analysts will watch ETF flows and price action in the coming days to gauge whether Ethereum can sustain current support levels. Attention now shifts to the new trading week and any further developments from US-listed Ether products.
The weekly chart places immediate support at $2,192.47, near the middle of the 20-week Bollinger Bands. A successful defense of this level by buyers could allow Ethereum to target higher resistance zones at $2,400 and $2,500.
