Ethereum closed the month below $2.3K. Spot ETF buyers came back after a seven-day outflow streak. Now the question is whether bulls can turn $2,275 into a base for the $2K to $3K range.
Key Highlights:
Ethereum is trading near $2,385 after a rally to almost $2,450. Analysts are watching $2,275 as the support that could decide whether Ethereum builds a base for higher prices or goes into a retest.
Analyst Rekt Capital says that for Ethereum, everything comes down to $2,275. Each time price has dropped into the $2.3K area, ETH has gone through a volatile retest and then pushed higher.
During the bear market those bounces were early relief rallies. The analyst now sees things differently.
In his view, Ethereum has moved past that stage and is slowly entering a bull market phase, where price tends to reclaim $2.3K and treat the zone below it as a pool of liquidity.
Mid-2021 brought heavy swings around this level. The retests in early 2024 and mid-2025 were much calmer, with only small downside wicks before buyers returned. That explains why he is watching $2,275 right now.
The problem is the latest monthly candle. ETH closed the month below $2.3K, which technically sets price up for a bearish retest of that level from below. “That will be the story of the month,” Rekt Capital wrote.
On the 1-hour chart, ETH sits near $2,385 after a breakout. Price climbed from the $2,240 to $2,250 area toward $2,450 on a clear volume spike and broke out of the old $2,300 to $2,350 range.
The $2,400 level is now the short-term pivot. Holding above it keeps the breakout structure alive. The indicators show buying strength fading, not a full reversal.
The short-term RSI has dropped to about 22, an oversold reading, while longer RSI readings sit between 42 and 54. Open interest rose during the run to $2,450 and is now easing, which suggests some leveraged traders are closing positions after the rejection.
Institutional demand is giving the price a small lift. SoSoValue data shows spot Ethereum ETFs took in $53.02 million in net inflows on November 4.
That ended a seven-day outflow streak, from October 26 to November 3, that pulled about $656.7 million out of the funds. The worst day was October 30, with $155.85 million in outflows, followed by $139.80 million on November 2.
Cumulative net inflows now stand at $12.12 billion, down from $12.72 billion on October 23. One green day does not reverse that trend. But if inflows keep building through the week, they could give ETH some support.
To cancel the bearish setup, Rekt Capital says ETH needs a weekly retesting period at $2.3K. If that happens, a higher low could form from there.
Any further dips into the liquidity zone below would need to find buyers, take that liquidity, and keep $2.3K intact as support. “So it’s all about building out a base at $2.3k,” the analyst wrote.
A solid base would keep Ethereum trading inside the $2K to $3K range, with $3K as the ceiling. Short-term traders have a tighter set of levels.
In the bullish case, ETH holds $2,350 to $2,360, reclaims $2,400, and retests $2,450. A clean break above that would bring $2,500 into view.
In the bearish case, losing $2,350 makes $2,300 to $2,310 the next support. A stable break below $2,300 would weaken the breakout and could send price toward $2,250 to $2,220.
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