Ethereum is trading near $2,500 after a sharp correction from the $2,700 resistance area, and market participants are watching whether the $2,450–$2,500 support zone can hold. On Oct. 11, ETH opened near $2,503.85 on the Binance daily chart, reached about $2,508.31, dipped to $2,497.12, and closed nearly flat.
The daily chart shows a broader recovery from June lows near $1,500 through the $2,000 region into the $2,400 area before a consolidation below $2,700. Buyers have started to respond after the latest sell-off, but the rebound remains modest and has yet to establish a convincing bullish reversal. If $2,400–$2,450 support breaks, ETH could fall toward the $2,000–$2,200 zone, where the 100-day and 200-day moving averages recently printed a bullish crossover. On the upside, ETH must clear $2,650–$2,750 to improve the near-term structure and potentially reopen the path toward $3,000.
The Relative Strength Index is at 40.85, below the neutral 50 level, while the MACD histogram remains negative, showing weak short-term momentum. The 4-hour RSI has recovered from deeply oversold levels to near 40, indicating that selling pressure may be easing but is not yet bullish.
On-chain data shows the exchange supply ratio declined for much of 2026, from about 0.142 at the start of the year to 0.124 in September, while price recovered. More recently, that ratio has rebounded modestly, which could indicate more ETH supply returning to exchanges and increasing potential selling liquidity if the trend continues alongside price weakness.
U.S. spot Ether ETFs recorded a $56.1 million net outflow on Oct. 9, extending a nine-session streak of redemptions that began after Sept. 28. The largest daily outflow in the streak was $201.9 million on Oct. 6, followed by $160.9 million on Oct. 7. Despite the recent outflows, cumulative net inflows across the U.S. spot Ether ETF group remain about $13.289 billion. BlackRock’s ETHA leads with $12.792 billion in cumulative inflows, Fidelity’s FETH has added $2.348 billion, and Grayscale’s mini ETH product has added $2.023 billion, while Grayscale’s legacy ETHE shows about $5.472 billion in cumulative outflows.
At the same time, data from analyst Ali Charts indicates whales bought the dip over the past 72 hours, accumulating nearly 15,000 BTC, more than 166,000 ETH and around 45 million XRP. Analyst Crypto Patel shared a bullish long-term view, targeting $5,000, $7,000 and $10,000 for ETH in a 2026–2027 roadmap. Patel noted ETH has already rallied about 85% from his $1,600–$1,200 accumulation zone and is now watching the $2,100–$1,800 area as the next potential accumulation zone before seeking bullish confirmation.
The immediate focus remains the $2,450–$2,500 support. A sustained break below that level could open the door to $1,850–$1,950, while a recovery above $2,650–$2,750 would be needed to shift the short-term structure back in favor of buyers.
