Ethereum (CRYPTO: ETH) is trading around $2,403 as of October 22, 2026, sitting roughly $100 above the critical $2,300 support level that buyers have defended twice this month.
The current price reflects a 2.3% decline over the past 24 hours and a 12.6% drop over the past 30 days, following a monthly peak of $2,788.
Buyers stepped in during both October tests of the $2,300 zone, with the lowest intraday price during the sell-off recorded at $2,313 before a recovery followed each time.
ETH remains 51.4% below its all-time high, meaning the asset would need to nearly double in value just to return to its previous peak.
In 2026 alone, Ether has dropped approximately 19.0% from its December 31, 2025, closing price of $2,967, significantly underperforming Bitcoin (CRYPTO: BTC), which has lost only 3.8% over the same period.
ETH is currently trading below both its 20-day moving average of $2,520 and its 50-day moving average of $2,551, turning those levels into potential resistance zones where prior buyers may look to exit.
Despite the recent weakness, Ether has gained approximately 29.2% over the past 90 days, rising from $1,860 on July 24, suggesting the broader summer trend still provides some underlying support.
U.S. spot Ether ETFs recorded an inflow of $15 million on October 21, following outflows of $26.1 million on October 20 and $103.3 million on October 19, reflecting a largely negative stretch for institutional demand.
The largest single-day outflow during the sell-off reached $201.9 million on October 6, a day that saw ETH open at $2,697 and close at $2,573, a 4.6% decline.
Cumulative net inflows into U.S. spot Ether ETFs fell to $12.8 billion by October 21, down from $14.0 billion on September 28, while total net assets dropped from $17.9 billion to $15.4 billion since September 22.
Bitmine Immersion Technologies (NYSE: BMNR) has continued accumulating ETH through the downturn, with its holdings rising from 6.02 million ETH as of an October 5 announcement to 6.04 million by October 19, worth approximately $14.5 billion at current prices.
Bitmine has also staked an additional 159,728 ETH, valued at approximately $390.6 million, bringing its total staked Ether to 5.23 million, worth around $12.8 billion.
Staking removes coins from circulation by locking them up to secure the Ethereum network, potentially reducing the liquid supply available for sale during periods of market stress.
However, Bitmine’s persistent buying has so far been insufficient to offset the selling pressure generated by ETF outflows, leaving $2,300 as the primary line of defense.
A daily close below $2,313, particularly if accompanied by ETF outflows exceeding $100 million as seen on October 14 and October 19, would raise the prospect of a move toward $1,860, approximately 22.6% below current levels.
On the upside, a sustained close above $2,520 would signal a positive bounce, though reclaiming the 30-day high of $2,788 would require consistent closes above support, a break of both moving averages, and steady ETF inflows.
