Ethereum Slips Below Trendline: Can ETH Hold $2,300 Before the Fed?
Ethereum slipped 1.08% to about $2,326 as traders cut risk before the Federal Reserve meeting. The Fed will announce its decision on Wednesday, October 28.
Tech stocks across Asia also fell as the AI trade lost steam. That weak mood is spilling into crypto.
ETH is now testing a key support zone. Here is what the data shows.
Why Is Ethereum Down Today?
Traders are cautious ahead of the Fed. Many are cutting risk and waiting for clarity.
ETH has a market cap of $283.61 billion. Spot volume is $1.47 billion.
Futures volume fell 16.24% to $29.28 billion. Open interest slipped 0.70% to $29.46 billion. Fewer traders are active, and fewer are opening new bets.
What Do ETH Open Interest and Liquidations Show?
Metric | Value | 24h Change |
Futures volume | $29.28B | -16.24% |
Open interest | $29.46B | -0.70% |
Options volume | $1.11B | -7.32% |
Options open interest | $6.29B | +0.68% |
Long/short ratio (24h) | 0.9512 | N/A |
The overall long/short ratio is 0.9512, a slight bearish tilt. Big accounts disagree.
Binance ETH/USDT accounts show 3.3995. OKX shows 2.56. Top Binance traders sit at 3.0552 by accounts and 1.8045 by positions.
Liquidations tell a similar story.
Window | Total | Longs | Shorts |
1 hour | $782.53K | $6.53K | $776.00K |
4 hours | $6.57M | $3.92M | $2.65M |
12 hours | $28.23M | $24.01M | $4.22M |
24 hours | $43.72M | $32.28M | $11.44M |
Longs took most of the pain over 24 hours. In the last hour, shorts lost more, which hints at a small bounce attempt.
Crypto Rover also flagged that Bitfinex ETH longs hit their highest RSI on record. That shows strong belief, but crowded longs can unwind fast if price slips.
Is the Ethereum Foundation Selling ETH Again?
Lookonchain reported that a wallet linked to the Foundation sold 2,785 ETH ($6.42 million) at about $2,304 in one hour.
The last suspected sale was two weeks ago. ETH has fallen 9% since then. The link is suspected, not confirmed.
Another early holder moved 1,500 ETH ($3.46 million) after nine years of silence. This OG bought 100,000 ETH at $0.31 in the 2015 ICO, a cost of about $31,000.
They still hold 48,500 ETH, worth $112.7 million. Both sales are small next to $1.47 billion in spot volume, but they add to the mood.
What Are the ETH Support and Resistance Levels Today?
ETH was rejected near $2,700 to $2,780 and has made lower highs since. It has now slipped under the rising trendline from the July low.
Price sits below the 20-day EMA at $2,441 and the 50-day EMA at $2,459. It is near the 100-day EMA at $2,363 and the 200-day EMA at $2,318.90.
RSI is 33.79. That is weak and close to oversold.
Level | Price Zone | Why It Matters |
Resistance 2 | $2,500 to $2,550 | Possible relief rally target |
Resistance 1 | $2,360 to $2,460 | EMA zone bulls must reclaim |
Current price | $2,326 | Near the 200-day EMA |
Support 1 | $2,300 to $2,280 | Immediate floor |
Support 2 | $2,220 | Next stop if support breaks |
Support 3 | $2,150 | Deeper downside level |
Will ETH Go Up or Down After the Fed Meeting?
Markets expect no change at the October 28 meeting. The current target rate is 3.75% to 4.00%.
Time | Hold (375-400) | Hike (400-425) |
Now | 90.6% | 9.4% |
1 day ago | 90.0% | 10.0% |
1 week ago | 84.5% | 15.5% |
1 month ago | 35.8% | 64.2% |
Hike odds fell from 64.2% a month ago to 9.4%. Easing odds are 0%.
A hold looks mostly priced in. The Fed's tone may matter more than the decision itself.
Will ETH Rebound or Drop Further?
There are two paths. If buyers defend $2,300 to $2,280 and ETH reclaims $2,360 to $2,460, a relief rally toward $2,500 to $2,550 could follow.
If ETH breaks below $2,280 and stays there, $2,220 and $2,150 come into view.
The short-term view stays bearish unless ETH climbs back above the EMA zone. Nothing is certain, and Fed day can move markets fast.
Disclaimer
This article is for information only and is not financial advice. Crypto is volatile, and you can lose money. Do your own research and speak with a licensed advisor before you trade.
