<p style="text-align: justify"><a href="https://en.coin-turk.com/analyst-predicts-ethereum-price-drop-post-etf-excitement/" rel="noopener noreferrer nofollow">Ethereum</a> is approaching a key technical threshold after several weeks of downward movement, as buyers attempt to regain control of the market. With the price hovering near $2,300, traders are watching closely to see whether the current rebound will evolve into a broader recovery or if it will stall below resistance during the prevailing correction.</p>
<h2 id="analysts-highlight-2-300-as-pivotal-level">Analysts highlight $2,300 as pivotal level</h2>
<p style="text-align: justify">Ethereum (ETH) was trading at $2,289.88 at the time of reporting, marking a 1.62% increase over the previous 24 hours. The latest uptick comes as investors assess reduced derivatives activity, resolved short-term price action, and critical resistance points likely to shape ETH’s next move.</p>
<p style="text-align: justify">Crypto analyst Ted Pillows, appearing on X, identified ETH’s recent strength and signaled that the asset may be nearing a price reversal. He observed that Ethereum has been “holding up well” in recent trading sessions, emphasizing that “buyers are stepping in.”</p>
<blockquote>
 <p>“Now is the time for $ETH to start its reversal. In the past few days, Ethereum has definitely been holding up well, which indicates buyers are stepping in. Now, ETH needs to reclaim $2,300 for a decent rally.”</p>
</blockquote>
<p style="text-align: justify">Pillows underscored the importance of the $2,300 level, stating that reclaiming this barrier is essential for a stronger upward move. As Ethereum strives to stabilize following its recent losses, attention remains on buying activity and the asset’s ability to surpass critical resistance.</p>
<h2 id="technical-outlook-and-resistance-levels">Technical outlook and resistance levels</h2>
<p style="text-align: justify">Technical analysis from TradingView indicates that Ethereum is still trading below resistance at $2,388.64. Although the most recent daily candle shows a positive direction, ETH has yet to achieve a convincing breakout above this level.</p>
<p style="text-align: justify">A decisive move above $2,300 could serve as an early signal for further recovery. Should momentum carry the price beyond $2,388.64, the next notable resistance appears near $2,620.64, opening the way for a more sustained bullish scenario.</p>
<p style="text-align: justify">On the downside, $2,200 remains a crucial support level. If Ethereum fails to remain above this zone, the risk of renewed selling and a deepened correction could increase.</p>
<table style="border:1px solid #f1e4d8;padding:8px">
 <thead>
  <tr>
   <th>Support</th>
   <th>Current Price</th>
   <th>Key Resistance</th>
   <th>Next Resistance</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>$2,200</td>
   <td>$2,289.88</td>
   <td>$2,300 / $2,388.64</td>
   <td>$2,620.64</td>
  </tr>
 </tbody>
</table>
<p style="text-align: justify">TradingView’s daily chart reflects a mixed technical picture. The MACD line stands at -67.20, with the signal line at -63.75. The histogram, at -3.45, indicates that bearish momentum persists.</p>
<p style="text-align: justify">Despite ETH’s positive daily performance, the MACD pattern suggests buyers have not yet secured a full momentum shift. Additional evidence of bullish pressure would require a positive MACD crossover and an improving histogram.</p>
<p style="text-align: justify">The daily candle shows around 126,900 in trading volume, which provides extra context for the price action, although by itself it does not confirm increasing buying activity.</p>
<p style="text-align: justify">Trading volume and MACD readings are key metrics used by traders to interpret market momentum and identify potential trend reversals.</p>
<h2 id="derivatives-data-and-open-interest">Derivatives data and open interest</h2>
<p style="text-align: justify">Data from CoinGlass shows that Ethereum’s open interest has dropped from approximately $34 billion in early October to about $28 billion by November 3.</p>
<p style="text-align: justify">This reduction reflects a decline in the total USD value of outstanding futures positions, in line with the drop in ETH’s price. While it may indicate that traders are reducing their derivatives exposure, open interest data alone does not clarify whether positions are simply being closed or if bullish bets are also entering the market.</p>
<p style="text-align: justify">The liquidation chart highlights significant liquidations on both the long and short side, with spikes marking volatility and forced deleveraging. However, there is no strong evidence of a fresh surge in liquidation activity at present.</p>
<p style="text-align: justify">Open interest is a key metric in derivatives markets, representing the total value of outstanding derivative contracts such as futures and options that remain active.</p>
<p style="text-align: justify;background: linear-gradient(135deg,#ffffff 0%,#fffdf9 100%);border:1px solid #f1e4d8;border-left:4px solid #F69434;padding:14px 16px;border-radius:12px;color:#1e293b;font-size:15px;line-height:1.7">Mini dictionary: CoinGlass, a platform providing real-time data and analytics for cryptocurrency derivatives markets, including open interest and liquidation metrics for various digital assets.</p>
<h2 id="market-sentiment-remains-cautious">Market sentiment remains cautious</h2>
<p style="text-align: justify">Whether buyers can reclaim $2,300 and consolidate above it remains central to Ethereum’s short-term outlook. A move beyond $2,388.64 could strengthen the case for a broader recovery, with $2,620.64 marking the next resistance.</p>
<p style="text-align: justify">Alternatively, if ETH continues to face rejection at resistance and technical momentum remains negative, the asset could retest support near $2,200.</p>
<blockquote>
 <p>Ted Pillows highlights improving relative strength in Ethereum, yet MACD readings and falling open interest indicate that confirmation of a trend reversal is still pending. With continued volatility across digital assets, traders are encouraged to monitor technical indicators, sentiment, and relevant catalysts before making investment decisions.</p>
</blockquote>
<p>The post <a href="https://en.coin-turk.com/ethereum-tests-2300-as-analysts-highlight-resistance-and-falling-open-interest/" rel="noopener noreferrer nofollow">Ethereum tests $2,300 as analysts highlight resistance and falling open interest</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Ethereum tests $2,300 as analysts highlight resistance and falling open interest

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