Ethereum Price Near $2,300 as ETF Outflows Pressure ETH
Ethereum price remained near $2,300 as spot Ether ETF outflows and bearish momentum weighed on ETH ahead of the Federal Reserve’s October 28 rate decision. On October 26, US spot Ether ETFs recorded $88.6 million in net outflows: BlackRock’s ETHA lost $104.7 million, partly offset by $16.1 million in inflows to Fidelity’s FETH. An analyst said crypto ETFs have seen more than $1.2 billion in net outflows since late September.
Selling by early holders added to supply concerns. Reports cited an Ethereum Foundation-linked wallet selling 2,785 ETH worth about $6.42 million, while a separate report said an Ethereum ICO participant sold 1,500 ETH worth about $3.48 million. These transfers and sales do not alone establish a market trend. On-chain signals were mixed: Ethereum’s NUPL was near neutral at 0.0073, and exchange withdrawal data suggested some ETH was moving off exchanges, but neither confirms a price bottom.
Traders are watching the $2,280–$2,300 support zone. A break below $2,280 could put $2,200 and $2,000 in focus, with $1,900 cited as a deeper downside level. ETH was below its 20-day average near $2,424, with bearish MACD momentum. A daily close above $2,334 could signal an initial improvement; reclaiming $2,400 may open the way to $2,475–$2,600. Further resistance levels include $2,550 and $2,800.
The Fed decision, US inflation data and ETF flows are near-term catalysts for Ethereum price action. Separately, the planned Glamsterdam upgrade activation on the Hoodi testnet was postponed over EIP-8037 and smart-contract compatibility concerns; the delay does not affect Ethereum mainnet. The technical outlook remains cautious, and traders are watching whether support holds and selling pressure eases.
Bearish
The combined signals lean bearish for ETH in the short term. Spot Ether ETF withdrawals, reported sales by an Ethereum Foundation-linked wallet and an ICO participant, and weak technical momentum may keep sellers active, particularly as traders approach a major Fed decision. A sustained break below the $2,280–$2,300 support area could prompt further selling toward $2,200 or lower; historical market reactions to support breaks and persistent fund outflows often include increased volatility and stop-loss pressure.
There are countervailing signs: some on-chain data indicate ETH withdrawals from exchanges, and NUPL is near neutral rather than deeply negative. These may limit selling or indicate holders are moving assets into custody, but they do not establish a reversal. A recovery above $2,334 and especially $2,400, alongside easing ETF outflows, would improve the near-term outlook. Over a longer horizon, the Hoodi testnet delay could weigh on sentiment around the upgrade, but it does not affect mainnet directly. Overall, downside risks currently outweigh the potential support from exchange withdrawals, with price direction dependent on key support and ETF flows.