Key takeaways
- Ethereum struggles near $2,400 as leveraged selling continues
- Losing $2,300 could expose deeper support near $2,000
- Record staking contrasts with weakening short-term market momentum
Ethereum is approaching another critical test after its latest recovery failed, raising the possibility that ETH could revisit $2,000 before establishing a durable market bottom.
The cryptocurrency traded around $2,390 on October 23, having surrendered its recent advance toward $2,500. Ethereum has also fallen approximately 13% over the past month, with buyers repeatedly defending the $2,300 region.
The latest decline triggered approximately $75.4 million in ETH liquidations, including $63.7 million in leveraged long positions, according to CoinGlass data cited by Invezz.
Why Ethereum's Recovery Keeps Failing
Ethereum began October above $2,700 before a series of unsuccessful rebounds brought prices back toward $2,400. The decline extends the earlier October selloff, when higher Treasury yields and a stronger dollar pressured cryptocurrency valuations.
The technical picture remains fragile. ETH is trading below its short-term moving averages, while the $2,480–$2,550 region has repeatedly limited recovery attempts.
A sustained breakout above that zone would improve momentum and potentially reopen the path toward $2,700–$2,800.
However, earlier derivatives analysis showed how crowded bullish positions can accelerate losses when support breaks.
That risk remains relevant today. With leveraged traders exposed to further downside, a breakdown could trigger additional forced selling rather than an orderly decline.
Record ETH Staking Hasn't Stopped the Decline
Ethereum's weakness contrasts with improving participation in network staking.
Bitwise's latest staking report highlights record institutional staking despite declining yields, illustrating how longer-term participation can increase even while token prices weaken.
Staking reduces immediately available liquid supply, but it does not guarantee rising prices. Demand must still absorb selling from existing holders, derivatives traders and other market participants.
Coinpaper previously reported how a $2 billion exit queue created concerns about selling pressure, even though the underlying withdrawals did not necessarily represent imminent exchange sales.
The upcoming Glamsterdam upgrade adds another fundamental consideration. Its scaling improvements could support network efficiency over time, although development progress alone does not establish immediate demand for ETH.
Ethereum Price Prediction: Could ETH Fall Below $2,000?
The $2,300–$2,350 region is the immediate downside test. Buyers defended approximately $2,313 on October 15 and $2,325 on October 18, making another sustained break particularly important.
Below $2,300, technical reference points emerge around $2,200 and $2,025. If selling accelerates through those levels, a decline below $2,000 becomes a plausible bearish scenario rather than merely a distant possibility.
Conversely, reclaiming $2,500–$2,550 would strengthen the recovery case, with $2,700 and $2,800 representing subsequent potential targets.
An earlier failed breakout demonstrated why briefly reaching resistance is insufficient without sustained buying.
A more optimistic institutional outlook remains possible. Citi's previously published $3,028 target reflects a 12-month view rather than an immediate price objective.