Why is Ethereum rebounding from $2,400 for a sixth day despite ETF outflows?

Ethereum price today: Can support hold at $2,450?

• Buying support has repeatedly lifted Ethereum from around $2,400 over the past week.
• The level just above the average on-chain cost basis of $2,311 is likely attracting buying as investors seek to defend it.
• Repeated attempts over the past few days have not produced an ETH close below the confluence of the 100-day EMA and the $2,355 horizontal level.

Support from its on-chain cost basis and key moving averages helped Ethereum (ETH) rebound near $2,400 on Tuesday, extending the pattern to a sixth consecutive day.

Despite macroeconomic pressures, buyers have repeatedly intervened whenever the leading altcoin slipped below $2,400 over the past week, establishing the area as firm support.

This support zone also has a longer track record. During ETH's three-week consolidation from late August to mid-September, the area below $2,400 similarly provided a key price floor.

Nearby on-chain and technical support offer two main explanations for the persistent buying around this level.

Why are buyers protecting ETH's on-chain cost basis?

At $2,311, Ethereum's Realized Price represents its average on-chain cost basis. A move beneath this price leaves the average holder nursing a loss.

That helps explain why investors have historically sought to protect this level, particularly when momentum weakens and prices fall, as seen over the past week. Even with persistent selling across spot and futures markets, this on-chain support has remained crucial.

Monday brought net outflows of $103.2 million from US spot ETH ETFs, taking the number of negative sessions to 14 out of the last 15 trading days, according to SoSoValue data.

Coinglass data showed that ETH long positions accounted for the bulk of crypto liquidations last week, leading on most days of declines. Ethereum has, however, recovered over the past two days. Over the 24 hours to the time of writing, liquidations in Ethereum futures totalled $100.4 million, with short positions accounting for $64.7 million.

Although support below $2,400 remains intact, a prolonged slide beneath the realised price could prompt investors to cut their losses, adding to selling pressure.

Ethereum technical outlook: Can ETH retain 100-day EMA and $2,355 support?

The technical support zone formed by the 100-day Exponential Moving Average at $2,362 and the $2,355 horizontal level has helped lift ETH back above $2,400. Several tests over the past few days have failed to deliver a close beneath this confluence. Should a daily close break below it, attention could turn to support at $2,204.

Further gains towards resistance at $2,548 are being constrained by the 20- and 50-day EMAs, positioned at $2,500 and $2,482 respectively. Regaining these short-term EMAs could restore an upward bias and trigger a move to test resistance at $2,781.

An upward move in both the 14-day Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) suggested that bearish control was easing, though both momentum indicators stayed below their neutral levels.