Ethereum reclaims $2,300 as $1.61B ETF outflows weigh on recovery

Ethereum traded back above $2,300 on Wednesday, gaining more than 2% over 24 hours, but remained below its $2,309 realized price. That level, an on-chain estimate of the average cost basis based on where coins last moved, was lost after a $6.3 billion breach at Binance last Thursday. US spot Ethereum exchange-traded funds recorded nearly $85 million in net outflows on Tuesday, their seventh straight trading day of withdrawals, after a record $1.61 billion in monthly net outflows in October. ETH held support near $2,250; a daily close below could expose $2,204, while reclaiming $2,309 would improve the short-term outlook.