On the 4-hour TradingView chart, $ETH stood at $2,493.31 after falling 0.53% during the displayed period. Its recovery from the recent low had stalled near $2,500, while the latest candles remained below the chart’s falling moving average.
Analyst Ella identified $2,500 as the first level buyers need to reclaim in an Oct. 9 post. She described Ethereum’s move from approximately $2,700 to a wick near $2,400 as a decline of close to 11%, with selling accelerating toward the end.
Ella said a recovery above $2,500 could ease some of the panic, while failure to regain that level would leave the bounce vulnerable. Her assessment places the immediate focus on whether Ethereum can hold above the round-number threshold after briefly trading through it.
Daily Supertrend turns bearish above $ETH
The daily TradingView chart displayed a red Supertrend reading at $2,764.28 following Ethereum’s latest sell-off. The indicator had previously tracked below the price during the advance from August into September.
Its shift above $ETH places the daily trend signal on the bearish side. At approximately $2,493, Ethereum traded nearly 10% below the Supertrend level, leaving a substantial gap between the rebound and a potential reversal of that signal.
The earlier green Supertrend line ended around $2,477.52, close to the current price. Ethereum’s sharp downward wick passed below that area before the rebound, while the newly displayed red line established a higher resistance threshold.
TradingView’s daily Average Directional Index stood at 35.48. The reading remained above 25, a commonly used threshold for an established trend, although the line had declined from its September highs.
ADX measures trend strength rather than direction. In Ethereum’s current setup, the bearish direction comes from the Supertrend change and the price breakdown, while the falling ADX shows that measured trend strength has eased from earlier readings.
The daily chart also places the former $2,650–$2,750 trading range above the market. A recovery into that area would retrace more of the recent fall, but $ETH would still need to clear the Supertrend resistance near $2,764 to reverse the indicator’s bearish setting.
The 4-hour chart puts $2,569 ahead of a stronger recovery
Ethereum’s 4-hour Bollinger Bands showed a midpoint of $2,568.56, an upper band of $2,731.37 and a lower band of $2,405.75. $ETH traded in the lower half of that range after bouncing from near the lower boundary.
The midpoint stood roughly 3% above the displayed price. A move above $2,500 would therefore clear the nearest round-number hurdle while leaving the 20-period moving average around $2,569 as the next technical test.
The bands had widened during the sell-off, with the upper boundary rising and the lower boundary falling. On the chart, that expansion accompanied the break from Ethereum’s earlier consolidation around $2,700.
The 4-hour Chaikin Money Flow reading was negative at -0.10. The indicator’s position below zero points to selling pressure across its measurement period, even after Ethereum recovered from the low.
Together, the price below the Bollinger midpoint and negative CMF leave the short-term recovery without a clear bullish confirmation. A sustained move above $2,569 alongside CMF returning above zero would strengthen the recovery case on that timeframe.
On the downside, the lower Bollinger Band near $2,406 overlaps with the recent price trough around $2,400. A break below that zone would take Ethereum beneath both the latest low area and the displayed band boundary.
ETF withdrawals continue as liquidation clusters sit overhead
Farside Investors recorded $201.9 million in U.S. spot Ethereum ETF outflows on Oct. 6 and another $160.9 million on Oct. 7. Combined withdrawals reached $362.8 million across those two sessions.
The same dataset showed $72.5 million in further outflows on Oct. 8. Including the $50.8 million withdrawn on Oct. 5, net redemptions totaled $486.1 million across four trading sessions, extending the funds’ outflow streak to eight sessions.
CoinGlass’s one-week Ethereum liquidation heatmap showed its brightest remaining overhead concentration around $2,635–$2,640. Additional bands appeared near $2,610 and across approximately $2,740–$2,760, above the current market price.
Below $ETH, the heatmap displayed smaller concentrations around $2,450–$2,460 and $2,400, with further bands near $2,380. Those levels sit beneath the rebound and around the area reached during the sharpest part of the decline.
A separate weekly assessment from the analyst publishing as Wealthmanager offered a longer-term bullish scenario. The analyst described an inverse head-and-shoulders setup, a reclaimed neckline and improving RSI, with a successful retest potentially opening a move toward $3,200–$4,000.
$ETH is showing signs of a major trend reversal.
The inverse head and shoulders structure is taking shape, with the neckline reclaimed and RSI showing strength.
A successful retest could open the way toward $3.2K–$4K.
The weekly structure is worth watching closely. pic.twitter.com/MpCeaS4PSf
— Wealthmanager (@Wealthmanager) October 9, 2026
That forecast remains conditional on the weekly retest holding. On the shorter TradingView timeframes, Ethereum still faces $2,500 and $2,569 before the former trading range and daily Supertrend resistance near $2,764.
