Ethereum Price Holds $2,250 as Hormuz Talks Face Key Conditions

TLDR:

• Ethereum price traded near $2,268 on Nov. 1, gaining about 1.19% over 24 hours. The immediate support area remained around $2,250.
• Iran discussed reopening the Strait of Hormuz within two days if its conditions were accepted. Negotiations had not produced a final agreement.
• U.S. spot Ethereum ETFs lost $155.7 million on Oct. 30, their fifth straight negative session. Seven-session net outflows reached $537.6 million.
• ETH funding moved below zero in the derivatives review, indicating cautious positioning. A short squeeze would still require a price trigger.

Ethereum price traded near $2,268 on Nov. 1, up about 1.19% over 24 hours as ETH recovered above $2,250. The rebound came alongside discussions over reopening the Strait of Hormuz and continued withdrawals from U.S. spot funds. Bitcoin traded around $77,812, while XRP held near $1.25. 

Iranian Foreign Minister Abbas Araghchi described a proposal that could reopen the waterway within two days if conditions are accepted. The plan remains subject to agreement with Washington. Meanwhile, Ethereum ETFs recorded another day of net outflows. The Ethereum price recovery still needs stronger buying demand and a steadier backdrop across global financial markets.

Ethereum (ETH) Price

Ethereum Price Recovery Faces a Conditional Hormuz Proposal

Araghchi said Qatari mediators were discussing a shorter implementation period for reopening the Strait of Hormuz. Tehran had offered to compress the process from seven days to two, provided its conditions were met. 

The demands include sanctions relief, fewer U.S. forces in the region, restored oil waivers and access to frozen Iranian funds. Reports also described Iranian demands over shipping routes agreed with Oman. Iran also called for ending regional hostilities, particularly Israeli attacks on Lebanon. 

The proposed timetable would begin following acceptance of the terms. Araghchi said consultations were continuing without a final outcome. A successful agreement could ease concerns over disrupted shipping and energy supplies, potentially improving appetite for riskier assets. 

BREAKING: Iran says talks are ongoing with Qatari mediators on a plan to reopen the Strait of Hormuz within 48 hours if the US accepts Iran's conditions.

Iran's FM Abbas Araghchi has provided more details on Iran's conditions, which include:

1. Lift US sanctions imposed…

— Bull Theory (@BullTheoryio) November 1, 2026

A reopening could influence the Ethereum price by easing concerns over oil supplies and encouraging investors to take more risk. The market response would depend on both an agreement and renewed buying demand.

The focus remains $2,250, followed by $2,220 if that level fails.ETH price analysis identifies $2,400 and $2,450 as resistance zones. A stronger advance could bring $2,500 into view, while a loss of $2,220 would expose $2,100 and $2,050. 

Holding above support would give buyers room to test those higher levels. However, the Ethereum price must attract sufficient demand to absorb selling near resistance. A political breakthrough could support that attempt, while stalled negotiations could leave the recovery vulnerable.

Ethereum ETFs Record Outflows as Negative Funding Persists

U.S. spot Ethereum ETFs recorded $155.7 million in net withdrawals on Oct. 30, according to Farside Investors. It was the fifth consecutive session of net outflows.

BlackRock’s ETHA accounted for $76.6 million of the daily total. Grayscale’s ETH fund lost $34.1 million, while its separate ETHE fund recorded $21.5 million in withdrawals.

BlackRock’s ETHA and Grayscale’s ETH fund together accounted for $110.7 million of the daily net outflow. Their combined withdrawals represented approximately 71% of the total outflow, concentrating that day’s pressure in two U.S.-listed spot Ethereum products. 

Source: Coinglass

Across seven trading sessions, net outflows reached $537.6 million. That period included a small inflow on Oct. 23, followed by five straight negative sessions. The figures show that the brief price rebound had yet to coincide with a sustained return of ETF demand. 

For the Ethereum price outlook, repeated redemptions leave an important source of investment demand under pressure. A shift toward consistent inflows would provide a clearer sign that fund investors were rebuilding exposure.

The Nov. 3 U.S. midterm elections add another event for traders assessing policy expectations and broader financial market volatility. Price reactions could depend on election results alongside Strait of Hormuz negotiations.

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