Ethereum Price Analysis: ETH Tests $2,352 Support as Futures Leverage Falls 15.95%

Ethereum traded near $2,371 on October 24 after perpetual-futures open interest fell 15.95% over 24 hours. Similarly, the $ETH token faced a weaker risk backdrop following the Nasdaq’s 2.6% October 22 decline. This price analysis favors an orderly leverage reduction over a confirmed liquidity crisis.

Basically, falling prices alongside shrinking open interest can reflect traders closing positions, including longs. Yet those figures cannot distinguish voluntary exits from forced liquidations. Meanwhile, Ethereum remained above the wider $2,300 demand area during overnight trading.

Ethereum Open Interest Falls 15.95% as Data Favor an Orderly Reset

Ethereum’s funding rate stood at +0.0059% before settling at +0.0045% on October 24. Both readings stayed positive, meaning long-paid shorts as leveraged demand cooled. Despite the decline, Ethereum’s long-to-short account ratio stood at 2.46, favoring longs.

$ETH therefore retained directional exposure even as outstanding contracts declined. For Ethereum, the price analysis treats that contraction as deleveraging, not evidence of a liquidation cascade.

However, without supporting liquidation data, the extent of forced selling remains unclear. For $ETH, lower leverage may ease liquidation pressure without confirming stabilization.

Four-Hour $ETH Breakdown Tests $2,352 as Buying Pressure Weakens

Meanwhile, the four-hour chart showed a failed rebound toward $2,500 around October 21 before selling pushed below $2,418. Ethereum subsequently traded near $2,371.21, beneath its 50-period exponential moving average at $2,425.90. On the other hand, $ETH faced immediate chart support at $2,352.15.

Earlier wicks touched the $2,320–$2,340 zone, but no confirmed sweep beneath $2,300 followed. The token’s price analysis also noted a drifting cumulative volume delta, providing little evidence of aggressive buying. Nonetheless, $ETH had yet to reclaim the broken resistance area.

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Ethereum Recovery Tests $2,418 and $2,425.90 Resistance

For Ethereum, a sustained four-hour recovery above $2,418 and the moving average would weaken immediate bearish pressure, with the higher reference remaining at $2,500. Conversely, losing $2,352 would bring the broader $2,300 demand area into sharper focus. Moreover, COINOTAG identified $2,150 as a lower reference should that demand area fail.

Against this backdrop, $ETH’s price analysis distinguishes those conditional levels from confirmed outcomes. Meanwhile, $ETH remained below short-term resistance ahead of the Federal Reserve’s October 27–28 meeting, which could introduce further market volatility.

Key Technical Levels

Recovery Case

A sustained four-hour reclaim above $2,418 and $2,425.90 would weaken bearish pressure, bringing $2,500 into focus.

Failure Case

However, losing $2,352 could expose $2,300, with $2,150 becoming relevant if demand fails.

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