Ethereum Price Analysis: Can ETH Hold $2,300 Support After a 12% Monthly Drop?

Ethereum (CRYPTO:ETH) trades around $2,400, about $100 above the critical $2,300 support level that buyers successfully defended twice in October 2026. As of October 22, 2026, the Ethereum price is approximately $2,403, marking a 2.3% decline in 24 hours and a 12.6% drop over the past 30 days. This decline follows a peak of $2,788 within the same timeframe, driven by selling pressure.

Many traders are closely monitoring the $2,300 mark because ETH has dipped toward it twice in October and bounced back each time. The lowest point during this sell-off was $2,313, and holders are eager to see if Ether can stay above $2,300. If that level breaks, it raises concerns about how far the price could fall.

Ethereum Is Still 51.4% Below Its All-Time High

Ether trades 51.4% below its all-time high, meaning it would need to nearly double to return to that peak. In 2026 alone, ETH has dropped about 19.0% from its December 31, 2025, price of $2,967.

By comparison, Bitcoin (CRYPTO:BTC) has lost only 3.8% over the same period, suggesting Ether has declined about five times as much and continues to lose ground against the larger cryptocurrency.

ETH is also below its 20-day moving average of $2,520 and the 50-day moving average of $2,551. A moving average reflects the average closing price over a specific number of days, so being below both averages means buyers from the past 50 days are losing money. Often, these buyers may sell during any price rally to reclaim their investments, turning these averages into resistance levels where selling pressure increases.

Despite the October drops, Ether is still benefiting from a summer rally, having gained approximately 29.2% over the last 90 days, rising from $1,860 on July 24.

Buyers Stepped In to Defend $2,300 Twice in October

In the sell-off on October 15, ETH hit a low of $2,313 but managed to close the day at $2,439. On October 18, it dipped again to $2,325, then recovered to close at $2,408. Buyers quickly stepped in both times.

The lowest daily close in the past month came on October 17, when ETH settled at $2,400, leaving the price just $3 above. However, ETH hasn’t tested support below $2,313 in the last month, so the closest prior reference point is $1,860 from July 24, about 22.6% lower than the current price.

Investors Pulled Money From Spot Ether ETFs During the Sell-Off

A spot Ether ETF holds Ethereum and trades like a stock, so its flows reflect traditional investors’ actions. On October 21, U.S. spot Ether ETFs saw an inflow of $15 million, following outflows of $26.1 million on October 20 and $103.3 million on October 19.

Throughout most of the sell-off, investors pulled money from these funds. The largest one-day outflow recorded was $201.9 million on October 6. The next day, ETH opened at $2,697 but closed at $2,573, a 4.6% drop.

By October 21, cumulative net inflows—representing the total money added since the funds launched—fell to $12.8 billion from $14.0 billion on September 28. Additionally, total net assets declined from $17.9 billion to $15.4 billion since September 22. A single day of inflows seems too minor to reverse this downward trend.

Bitmine Keeps Staking and Buying ETH Through the Decline

Bitmine Immersion Technologies (NYSE:BMNR | BMNR Price Prediction) has staked another 159,728 ETH, valued at $390.6 million, bringing its total staked Ether to 5.23 million, worth around $12.8 billion.

Staking involves locking up ETH to secure the Ethereum network, allowing holders to earn rewards. Since staked coins are not immediately accessible, this helps reduce the supply available for sale during market panic, which may support prices around $2,300.

Bitmine has also continued to buy ETH during this downturn. Its holdings increased from 6.02 million ETH, as of an October 5 announcement, to 6.04 million by October 19, equivalent to about $14.5 billion at the $2,403 price point. However, this persistent buying has not been enough to outweigh selling pressure from ETFs.

Can the Ethereum Price Hold $2,300 Support?

I believe ETH is likely to hold above $2,300 on its next test. Buyers have defended this level twice in October, there were positive ETF flows on October 21, and Bitmine continues to take coins off the market. However, a rebound to the 30-day high of $2,788—about 16.1% higher—could be much more challenging. For this to happen, ETH needs consistent daily closes above $2,313, clear both moving averages, and see steady ETF inflows.

If the support breaks, the consequences could be significant. A daily close below $2,313, especially if ETF outflows exceed $100 million again, as seen on October 14 and October 19, would challenge this outlook. ETH has no tested support below that level in the past month, which could set it on a path toward $1,860—around 22.6% lower than the current price. Conversely, a close above $2,520 would confirm a positive bounce.

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