Ethereum bounced around $2,400 over the last 24 hours, extending a six-day pattern of recoveries as buyers absorbed selling beneath the level.
The area has helped stabilize ETH during a period of macroeconomic pressure and persistent withdrawals from investment funds. It also provided support during consolidation from late August to mid-September.
The latest defense coincides with nearby technical and onchain support levels. However, repeated rebounds alone do not confirm that the correction has ended, particularly while Ethereum remains below its shorter-term moving averages.
Realized price provides an onchain support reference
Ethereum’s realized price stands at approximately $2,311, according to CryptoQuant . The metric estimates the average onchain acquisition cost of ETH based on the prices at which coins last moved.
A market price below it implies an aggregate unrealized loss under that methodology, rather than establishing that every holder is losing money.
This cost basis is a historically important reference during weak markets. Continued buying above it could help preserve the current stabilization.
Conversely, a sustained decline below $2,311 could weaken confidence and encourage some investors to reduce exposure.
US spot Ethereum ETFs registered $103.2 million in net outflows on Monday, with another $26 million withdrawn on Tuesday, according to SoSoValue figures.
That marked 15 negative sessions over the past 15 trading days, highlighting prolonged weakness in demand through these products.
Ethereum has nevertheless continued to recover from its nearby support zone, suggesting that buying elsewhere in the market has helped absorb selling pressure.
Derivatives activity also reflects the recent rebounds. ETH futures liquidations totaled $90.59 million over 24 hours, with short positions accounting for $62.17 million.
The figures indicate that upward price moves caught leveraged bearish traders offside, contrasting with the long liquidations that dominated several declining sessions last week.
Ethereum price forecast: Technical support holds near $2,324–$2,362
The ETH /USD daily chart shows that Ethereum has been consolidating over the past few days.
On the daily chart, the 100-day Exponential Moving Average at $2,362 closely aligns with horizontal support at $2,324.
Ethereum has repeatedly tested this area without securing a daily close beneath it, helping buyers push the price back above $2,400.
Holding the zone preserves an important technical floor. A decisive daily close below it would weaken the recovery structure and bring $2,311’s onchain cost basis into sharper focus.
Further downside could expose the next technical support at $2,215.
Ethereum’s first significant upside barriers are the 50-day EMA at $2,444 and the 20-day EMA at $2,500.
These averages have restricted recent rebounds. A sustained recovery above both would improve the short-term outlook and open a potential test of horizontal resistance at $2,548.
Beyond that, $2,781 serves as a higher resistance target. The Relative Strength Index and Stochastic Oscillator have turned upward but remain below their neutral levels.
That suggests bearish momentum is easing, although buyers have yet to establish clear dominance.
For now, defending $2,324–$2,362 keeps the rebound intact, while reclaiming $2,444–$2,500 would provide stronger evidence of a sustained recovery.
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