Ethereum price rebounds from oversold levels after Binance-driven selloff

Traders Union
All News
Crypto
Binance-driven selling pushes ETH into support

All news

Top Stories

Editors' Picks

Stocks

Crypto

Economics

Currencies

Commodities

Business & Wealth

Market Voices

Mykhailo Ihnatenko

Yesterday

Ethereum price rebounds from oversold levels after Binance-driven selloff — ETH eyes $2,350 after panic selling

Ethereum came under intense pressure after a major incident at Binance. Panic selling accelerated the correction, but technical signals are already pointing to the possibility of a short-term recovery.

ETH price prediction

24H 0.16%

$2,255.79

48H -0.78%

$2,234.58

7D -4.01%

$2,161.97

1M -12.99%

$1,959.62

3M -29.76%

$1,581.87

6M -44.24%

$1,255.82

12M -29.23%

$1,593.83

Detailed

Current price: $2,252.23 18.65 0.83%

Real-time Data 16:23

Daily range 2237

2255.58

Weekly range 2174.08

2391.55

Binance faced a massive cyber attack on October 29. As stated by the company, the initial loss is expected to be about $6.3 billion, out of which $3 billion worth of affected funds have been frozen. The hackers were able to access their internal network using a compromised laptop belonging to one of their employees. Binance temporarily suspended deposits and withdrawals and said customer losses would be fully covered.

The news triggered a broader crypto selloff. ETH liquidations in the last 24 hours have reached $358.73 million, where longs make up $303.21 million, according to CoinGlass. The heavy concentration of forced long closures highlights the scale of pressure on buyers.

Oversold RSI raises rebound prospects toward $2,350

The scenario outlined previously played out in full: ETH broke below $2,282 support and accelerated into the $2,200–2,160 target zone.

The price now needs to stabilize above $2,200. RSI (14) has moved into oversold territory, while a doji close today on elevated trading volume would increase the probability of a rebound.

The base case is a recovery toward $2,300–2,350.

A drop and sustained move below the 200-day SMA near $2,160 would invalidate this setup. That would suggest panic selling has not yet run its course and raise the risk of another liquidation wave.

Binance reserves could limit lasting market damage

While the Binance hack poses a significant reputation risk to the wider crypto industry, it doesn’t mean at the moment that the company is bankrupt. Binance reportedly had about $165 billion in audited reserves.

The exchange has pledged to compensate affected customers in full, while part of the stolen assets has already been frozen. If Binance confirms that customer funds remain fully backed and concerns surrounding the incident begin to fade, emotionally driven selling pressure could ease quickly.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.