ETH Holds $2,200 Support as IG Flags $2,156 Next

ETH holds $2,200 support on Friday. An 8.5% drop on November 5 erased post-election gains. Ether trades near $2,236 as IG flags the $2,170-$2,156 zone as the next defense line. The 200-day simple moving average sits near $2,156. Traders also await the US payrolls report.

Why ETH Holds $2,200 Support After the Selloff

Ether briefly climbed above $2,400 after the US midterm elections before reversing. According to IG, the roughly 8.5% fall on November 5 tracked a technology-stock selloff. Renewed selling also hit crypto.

CoinGecko shows ETH at $2,236.03, down 4.94% over 24 hours. The seven-day change is a gain of just 0.11%. Twenty-four-hour trading volume stands at about $17.45 billion.

Institutional demand has softened too. IG reports that US spot Ether ETFs returned to net outflows. Those redemptions total $427.9 million over the last five trading sessions. That undercuts hopes that institutional buying was beginning to recover.

Key ETH Support Levels at $2,170-$2,156

IG Chief Technical Analyst Axel Rudolph says the sharp selloff has brought the $2,170-$2,156 support zone into play. The 200-day simple moving average tracks ETH's average close over the past 200 days. It sits near the bottom of that range at $2,156.

Market analyst Daan Crypto Trades points to a similar area. He notes that ETH is sitting on the 0.618 Fibonacci retracement level and on the daily 200-day moving average. That Fibonacci mark is a common gauge of how far a price may pull back.

He calls the roughly $2,150 level key. A break below it could extend the decline and give back much of the recent breakout candle.

Nearby chart support also sits at $2,251 and $2,205, followed by $2,107. Deeper declines could expose $1,972 and $1,828 if sellers regain control.

IG outlines what a breakdown would mean. A clean daily close below $2,156 would confirm the end of ETH's late-summer recovery structure. Focus would then shift to the psychological $2,000 region.

Resistance Overhead Between $2,345 and $2,405

On the upside, ETH has slipped below its 20-, 50- and 100-day exponential moving averages. Those EMAs weight recent prices more heavily than older ones. They cluster between roughly $2,345 and $2,405. That band is capping recovery attempts.

The first resistance zone combines the 100- and 20-day EMAs around $2,344-$2,348. A horizontal barrier at $2,355 sits nearby. The 50-day EMA at $2,405 follows. Stronger hurdles sit at $2,548, $2,637, $2,782 and $3,076.

Momentum indicators lean negative. The Relative Strength Index is near 40. The Stochastic reading is near 28. That mix points back to dominant bearish momentum.

Daan Crypto Trades says ETH would need to move back above $2,350 to show that bullish momentum has returned. He suggests trading the market level by level to avoid getting caught in the middle of the range.

The next test comes with US payrolls data and a daily close relative to $2,156. A close below that level would put the $2,000 region in focus. A move above $2,350 would challenge the EMA cluster.