TLDR
- Ethereum (ETH) trades near $2,510 after bouncing back from an Asian stock market selloff.
- Over $700 million was liquidated in 24 hours, with ETH futures making up nearly $170 million.
- ETH open interest fell to 12.26 million ETH, its lowest since February.
- US spot ETH ETFs have seen ten straight days of outflows, including $85.4 million on Monday.
- ETH faces resistance at $2,548, with support at $2,413.
Ethereum (ETH) bounced back above $2,500 on Tuesday after a sharp selloff in Asian stocks briefly spilled into crypto. ETH was trading at about $2,510 at the time of writing.
South Korea’s KOSPI index fell 5.4%, and Japan’s Nikkei 225 dropped 1.8%. Trading on the KOSPI was suspended several times on Oct. 13 as selling intensified.
The volatility triggered forced liquidations across crypto. More than $700 million was liquidated in 24 hours, and Ethereum futures made up nearly $170 million of that total. The market then recovered in a quick V-shaped rebound.
Tom Lee, chairman of Bitmine Immersion Technologies ($BMNR), warned that the stock crash could hit Ethereum. He said forced stock sales by South Korean investors could spread losses to crypto. He pointed to the country’s high crypto participation and the risk of brokerage margin liquidations.
Lee also said any impact on ETH is likely to be “short-term pain.” Bitmine owns nearly 5% of ETH’s circulating supply, a stake worth more than $15 billion. BMNR stock has fallen 58% over the past 12 months to $23.83.
Derivatives Data Turns Weaker
Open interest, which measures the total value of outstanding contracts, dropped to 12.26 million ETH. That is its lowest level since February, according to Coinglass.
The Estimated Leverage Ratio fell to 0.62, its lowest since November 2025. CryptoQuant data shows ETH’s exchange reserve is also falling. Together, these readings suggest little leveraged money is behind the recent price gains.
Perpetual futures volume is still led by short positions. Net Taker Volume continues to post rising negative values. This shows traders remain cautious, but it also lowers the risk of an extended long squeeze.
US sentiment is weak as well. The Coinbase Premium Index fell to -0.117, its lowest since August 10. US spot ETH ETFs recorded $85.4 million in outflows on Monday, per SoSoValue. That marks ten days of outflows, the longest streak since May 11 to June 3.
Analyst Ash Crypto pointed to a longer-term view in a post on X. He said ETH has traded sideways for nearly five years. If it breaks above its multi-year resistance, he said, it could see one of the biggest rallies in its history.
$ETH has been trading sideways for nearly 5 years.
If Ethereum breaks above its multi-year resistance, we could see one of the biggest rallies in its history. pic.twitter.com/PsaghUzhyJ
— Ash Crypto (@AshCrypto) October 13, 2026
Technical Levels to Watch
On the daily chart, ETH holds a mildly bullish bias. It is trying to reclaim the 50-day EMA at $2,501 but is capped by resistance at $2,548.
The 14-day RSI is at 43, and the Stochastic Oscillator sits near 27, in oversold territory. Momentum shows only modest downside pressure.
Above $2,548, the next hurdle is the 20-day EMA at $2,578. A break higher would open the way to $2,636 and $2,781, then $3,075 and $3,253.
On the downside, support sits at $2,413, then $2,355, where the 100-day EMA also sits. Deeper support levels are $2,204 and $1,971.
Ethereum was trading around $2,500 on Oct. 13, with traders watching the $2,548 resistance level.
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