Ethereum climbed back above $2,400 on November 5, recovering from a slide to roughly $2,200 earlier in the week, as U.S. spot Ethereum exchange-traded funds ended a punishing run of redemptions.
The second-largest cryptocurrency touched about $2,434 before trading near $2,390, according to market data. The bounce tracked a broader rebound in digital assets after the U.S. midterm elections, with Bitcoin pushing toward $80,000 as lower Treasury yields and a softer dollar supported risk-sensitive holdings.
Still, the rally has stalled below a dense band of chart resistance running from about $2,453 to $2,500. A sustained break above that ceiling would put $2,550 in play, while failure could drag the token back toward $2,300.
ETF Flows Turn Positive After $656 Million Exit
U.S. spot Ethereum funds pulled in about $53 million on November 4, according to Farside Investors, snapping seven straight sessions of outflows that had drained $656.4 million from the products.
BlackRock's ETHA led the reversal with $32.8 million of fresh money, and Fidelity's FETH added $19.2 million. Grayscale's ETHE and Ethereum Mini Trust also logged positive flows. The gains were partly offset by $22.4 million in withdrawals from BlackRock's separate ETHB product.
The one-day swing follows a bruising stretch for institutional demand. October alone saw roughly $1.61 billion leave U.S. Ethereum ETFs, and net redemptions had reached $571 million by November 2 as the token slid toward $2,200.
Note: Levels reflect technical analysis published November 5.
Momentum gauges have improved alongside the price. Ethereum's daily relative strength index has recovered to about 54, up from depressed readings earlier in the month but still short of overbought territory, leaving traders cautious after the long stretch of fund withdrawals.
Jobs Data Looms Over the Recovery
The rebound faces a near-term test from the November 6 U.S. employment report, which could reshape expectations for Federal Reserve policy and, by extension, appetite for digital assets. Macroeconomic uncertainty remains elevated even as risk sentiment has brightened.
Market watchers caution that a single session of inflows does not confirm durable accumulation. The recent pattern, in which price gains failed to revive fund demand, shows how quickly institutional interest can fade. Whether additional money follows Ethereum's push above $2,400 will likely determine if the November recovery has legs or merely marks a pause in a longer downtrend.
