Ethereum Market Analysis on October 24, 2025: Short-term rebound signals are emerging, caution is needed for pullback risks under multiple pressures.

As of October 24, 2025, 14:34, the core market data for Ethereum is as follows: the current price is $3982.11, with a highest of $3989.20 and a lowest of $3808.01 in the last 24 hours, resulting in a fluctuation range of about 4.7%; the 24-hour increase is 2.70%, with a trading volume of $37.0683 billion and a circulating market capitalization stable at $480.6338 billion, showing an overall trend of oscillating recovery.

From a technical perspective, Ethereum's recent trend shows clear characteristics of a tug-of-war between bulls and bears. Previously, the price sharply corrected from a high near $5000, and after testing the support level around $4350 twice without breaking it, it formed a W double bottom reversal pattern, releasing a short-term bottom signal after breaking the neckline. However, the subsequent attempt to hit the high of $4788 failed, and the price closed with several solid bearish candles, breaking through key short-term moving averages such as MA5, MA20, and MA60. The MACD indicator formed a "death cross" at a high level, with the fast line further crossing below the zero axis, and the green bearish momentum bars continue to expand, indicating that the adjustment trend may not yet be over in the short term, necessitating attention to the validity of the support level at $3800.

Market sentiment and capital flow show significant divergence between long and short positions. In the past 24 hours, the forced liquidation amount of Ethereum short positions reached 56.05 million USD, far exceeding the liquidation amount of long positions, and the weighted funding rate has maintained a positive value most of the time, indicating that the underlying speculative sentiment in the market has not completely reversed, with some capital still betting on a short-term rebound. However, it is important to be cautious as there are clear signs of capital outflow in the spot market: in the past week, the net outflow of ETH from Coinbase exchange reached 148 million USD, and major exchanges like Kraken and OKX also experienced net outflows in the tens of millions USD, suggesting that some investors may be using technical rebounds for profit-taking, with relatively weak buying power in the short term.

The macro and industry-level pressures have also put a lid on Ethereum's price. On August 18, Ethereum's spot ETF recorded a net outflow of $197 million in a single day, marking the second highest record in history, reflecting institutional investors' cautious attitude towards the current price level; in addition, from this week until the end of August, approximately 880,000 ETH are expected to be withdrawn from staking, which could bring about $2 billion in weekly selling pressure based on current prices. This factor may further constrain Ethereum's short-term rebound potential. #以太坊