Can Ethereum Price Push Toward $2,390 After This Support Retest?

Key Insights:

• Ethereum price is testing the lower channel support near $2,180.
• Over 500,000 ETH moved to exchanges, adding possible selling pressure.
• Ethereum ETFs recorded $65.7M in outflows, led by BlackRock’s ETHA.

Ethereum price is trading near $2,195 after falling more than 2% over the past 24 hours. The latest decline has pushed ETH back toward the lower side of a short-term channel, while exchange balances and ETF outflows add pressure. However, analysts still see room for a rebound if buyers defend the current support zone.

Ethereum Price Prediction Now Rests on Support

Ali Charts said Ethereum price is back at the bottom of its 4-hour channel. His chart showed ETH trading near $2,191, close to the lower boundary around $2,180. This level now acts as the first major test for bulls.

The analyst said he is watching for a spike in buying pressure from this region. If buyers step in, Ethereum could rebound toward the mid-range near $2,280. A stronger recovery could later push prices toward the channel top near $2,390.

However, ETH price must first stabilize above the lower channel line. A weak bounce may keep the market trapped under pressure. Moreover, failure to defend $2,180 could expose Ethereum to deeper support levels.

At press time, ETH crypto remains below several nearby resistance levels. This means bulls need more than a small reaction. They need a clear move back above $2,230 and $2,280 to rebuild short-term momentum.

ETH Price Corrective Pullback Still Dominates

Additionally, More Crypto Online said Ethereum remains under short-term pressure. However, the analyst noted that the current pullback still appears corrective rather than impulsive. That means the broader bearish confirmation has not fully arrived.

The leading scenario remains valid as long as ETH price holds within the current support region and above the lower boundary of the channel. In that case, another upside extension remains possible.

The analyst pointed to key support areas at $2,187, $2,122, and $2,037. These levels match the current pullback structure and the Fibonacci zones marked on the chart. If Ethereum stays above these areas, buyers could still try to regain momentum.

On the upside, Ethereum price faces its next major resistance levels at $2,318 and $2,646. A bullish breakout above $2,318 could open the door to the higher target near $2,646. However, a sustained break below the lower channel support would increase the risk that a larger top has formed.

Exchange Balances Raise Selling Pressure

Ali Charts also warned that more than 500,000 ETH has been sent to exchanges in the last seven days. At current prices, that equals about $1.16 billion in potential selling pressure hitting order books.

This is important because an increase in exchange balances can indicate that some may be looking to exit funds, swap for other assets, or deposit ETH as collateral. It does not mean selling will happen immediately, but it can raise market risk when price action is already weak.

CryptoQuant’s exchange balance chart shows ETH held on exchanges climbing from under 15 million to around 15.5 million. The increase happened while Ethereum’s price was under pressure, which adds concern over possible supply growth.

For bulls, that creates a tougher setup. ETH must attract sufficient demand to absorb the additional exchange supply while maintaining channel support.

ETF Outflows Add Pressure to ETH

Meanwhile, ETF flows also weighed on the Ethereum price prediction. Ted Pillows noted that Ethereum ETFs saw $65.7 million in outflows yesterday. BlackRock’s ETHA accounted for the largest portion, with $50.4 million leaving the fund.

The table also showed Fidelity’s FETH losing $11.1 million, while Grayscale’s ETH product recorded a $4.2 million outflow. Other funds were mostly flat on the day. This suggests institutional demand cooled during the latest price decline.

ETF outflows can add pressure when they appear alongside rising exchange balances. Together, they point to weaker near-term demand and higher available supply. However, a single day of outflows does not, by itself, define the broader trend.

For now, Ethereum remains in a key decision zone. A rebound from $2,180 could send ETH toward $2,280 and $2,390. However, losing the channel support would shift focus to $2,122 and $2,037, while buyers wait for stronger confirmation above $2,318.

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