Ethereum Holds at $2,300 Under Pressure from ETF Outflows and Early Investor Sales

The price of Ether has dropped to the $2,300 support: in October, ETH lost about 13.6%, with pressure intensified by outflows from spot ETFs, sales by early investors, and bearish technical indicators. Ether was trading around $2,312, down 0.43% over the day with a trading volume of $8.77 billion.

According to SoSoValue, on October 26, ETFs recorded a net outflow of $88.58 million with accumulated inflows of $12.63 billion; net assets amounted to $14.07 billion, and the daily trading volume of the funds was $506.23 million. The new outflows followed $110.50 million on October 22, partially offset by $4.35 million inflows the next day. Earlier, from October 12–16, Ether funds lost $320.1 million compared to $228.4 million for Bitcoin ETFs.

According to Lookonchain, an Ethereum ICO participant who bought 100,000 ETH at $0.31 sold another 1,500 ETH for approximately $3.48 million over eight hours. A deposit to an exchange does not in itself prove a sale.

Meanwhile, other investors are withdrawing Ether from platforms. In a CryptoQuant analysis on October 27, analyst Arab Chain noted that NUPL decreased to 0.0073 – the market is close to the boundary between unrealized profits and losses. Santiment recorded about 169,770 ETH net outflow from exchanges on October 22 – the largest daily outflow in over four months, but this does not prove a bottom formation.

On the daily chart, ETH was trading around $2,310, slightly above the lower Bollinger Band of $2,301.40. The 20-day average is $2,424.08, and the upper band is $2,546.76. MACD is at −61.21 against the signal line at −49.41, with a histogram of −11.80. Daan Crypto Trades called the 2150–2,350 range an attractive long-term zone for spot investors; according to him, bulls need a return to $2,350, then $2,550. Ash Crypto considers $2,300 as weekly support, a break of which would open $1,900; resistances are $2,550 and $2,800.

Ethereum developers have postponed the activation of Glamsterdam on the Hoodi testnet from October 26 due to issues with EIP-8037 and existing contracts; a new date has not been announced. The delay concerns the testnet, not a rollback of the mainnet. Investors are awaiting the Fed's decision on October 28 and US inflation data.