Key takeaways

  • Ethereum rebounds above $2,300 following US midterm elections
  • Spot ETH ETFs lose $656 million across seven sessions
  • Breaking $2,350 could reopen the path toward $2,400

ETH gained approximately 1.4% to $2,323 after initially declining amid concerns that Democratic control of Congress could delay cryptocurrency-friendly legislation.

The recovery follows an earlier Ethereum price correction, which pushed the cryptocurrency below $2,200 in late October. However, traders now face a new question: whether improving sentiment can overcome persistent ETF withdrawals.

Ethereum ETFs Lose $656 Million Despite Market Recovery

Institutional selling continued through November 3, extending Ethereum's ETF outflow streak to seven consecutive trading sessions.

According to Farside Investors, US spot Ethereum ETFs recorded $85.3 million in net withdrawals on Tuesday, following $139.7 million on November 2 and $155.7 million on October 30.

Total withdrawals across seven sessions reached approximately $656.4 million, with BlackRock's ETHA accounting for $74.4 million during the latest session.

The figures extend October's broader $1.61 billion ETF exodus, which significantly weakened institutional demand.

ETF redemptions do not necessarily translate into equivalent immediate spot-market selling, but sustained withdrawals remove an important source of demand.

Short Liquidations Help Ethereum Reclaim $2,300

Ethereum's rebound also coincided with changing derivatives positioning.

It is reported approximately $21.5 million in ETH liquidations over 24 hours, including $14.35 million in short positions and $7.14 million in longs.

That imbalance suggests bearish traders were forced to close positions as prices recovered, potentially contributing to the upward movement.

However, short covering does not necessarily indicate renewed long-term accumulation.

The move follows earlier Ethereum liquidation pressure, which accelerated selling during October.

Market uncertainty also remains elevated following the Binance security breach, with investigators previously identifying substantial ETH holdings in attacker-linked addresses.

While the cryptocurrency market has recovered alongside US equities, the sustainability of Ethereum's rebound will depend on whether spot buying replaces forced derivatives activity.

Ethereum Price Prediction: Can ETH Reach $2,400?

Ethereum's immediate resistance lies around $2,310–$2,320, according to November 4 technical indicators.

A sustained breakout above that region could expose $2,350, followed by the psychological $2,400 threshold.

That level has repeatedly appeared in previous Ethereum recovery attempts, making it an important reference for assessing whether buyers are regaining control.

Conversely, failure to defend $2,250 could bring $2,200 into focus, followed by the late-October support region around $2,170–$2,180.

A deeper breakdown could revive concerns about a move toward $2,000, particularly if ETF withdrawals accelerate again.

Ethereum's longer-term supply outlook remains supported by staking participation, although staking activity alone cannot guarantee higher prices.

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Elara Voss

Journalist covering cryptocurrency markets, blockchain innovation, and global digital asset regulation. With a background in financial research and technology reporting, she focuses on market movements, emerging protocols, institutional adoption, and the changing role of crypto in the global economy.

https://coinpaper.com/38322/ethereum-price-prediction-can-ethereum-recover-toward-2-500-in-november

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