Ethereum Price Falls as ETF Outflows and Whale Selling Weigh
Ethereum price fell about 2.1% to $2,318 on October 29, pressured by broad crypto-market weakness and continued withdrawals from U.S. spot Ethereum ETFs. The funds recorded $21.41 million in net outflows on October 28, their third consecutive day of withdrawals. BlackRock’s ETHA saw $44.83 million leave, partly offset by inflows into other funds. Combined outflows over the three sessions reached about $170.21 million.
Ethereum price also faced selling from large holders: on-chain data cited by analyst Ali Martinez indicated that whale wallets shed around 160,000 ETH, worth more than $348 million. Exchange balances rose by about 100,000 ETH, a potential source of selling pressure, though the increase does not confirm that tokens were sold.
Technically, ETH remained below its seven-day and 30-day moving averages, while the MACD stayed negative. Traders are watching support at $2,290–$2,300; a sustained break could expose $2,200 and $2,100. A recovery above $2,400 may improve the outlook, with $2,550 identified as a further resistance level. Separately, Ethereum developers postponed the Hoodi testnet activation for the Glamsterdam upgrade while reviewing compatibility issues; no new date or mainnet schedule was announced.
Bearish
The immediate market signals are bearish for Ethereum. Spot ETF withdrawals have continued for three sessions, whale wallets reportedly reduced holdings by about 160,000 ETH, and exchange balances increased. These factors can reinforce concerns about near-term supply and prompt traders to reduce exposure, particularly while ETH remains below key moving averages and the MACD is negative. Bitcoin’s decline and weakness across the broader crypto market add to the pressure.
The $2,290–$2,300 area is the key near-term support identified in the article. A decisive break could trigger stop-loss selling and bring $2,200 or $2,100 into view. A rebound above $2,400, followed by a reclaim of higher resistance such as $2,550, would weaken the bearish case. ETF flows and exchange balances are not conclusive on their own: fund outflows can reverse, and rising exchange balances do not prove that holders have sold. Some analysts also see the area below $2,300 as a potential buying zone, but the article notes there is no confirmed bullish breakout.
Similar periods of sustained ETF outflows and rising exchange supply have often coincided with short-term volatility and downside pressure, though they do not reliably determine longer-term direction. In the near term, traders may watch support levels, ETF flow data, and whether ETH can regain $2,400. Over the longer term, the postponed Hoodi testnet activation for Glamsterdam adds a development-timeline uncertainty, but no mainnet date has been confirmed, and the delay alone does not establish a lasting change in Ethereum’s fundamentals.