ETH Price Weakens as Glamsterdam Test and ETF Flows Weigh
Ethereum (ETH) fell to about $2,285 on October 24 before recovering to around $2,360, still roughly 12% below its early-October level. The ETH price had been near $2,395 a day earlier, as traders weighed weak ETF demand and reported selling by an early investor. The latest move leaves ETH struggling to reclaim $2,400.
The Ethereum Foundation postponed the Glamsterdam upgrade’s planned October 26 activation on the Hoodi testnet. Developers are examining potential smart-contract compatibility risks involving EIP-8037 and have not announced a new test date. The delay affects a testnet, not the live Ethereum network; no new mainnet schedule was announced, and users do not need to take action.
U.S. spot Ethereum ETFs recorded $110.6 million in net outflows on October 22, followed by a $4.4 million inflow the next day. Net withdrawals across the five sessions ending October 23 totaled about $220.7 million, pointing to uneven institutional demand. Lookonchain also reported that an early Ethereum investor sold 3,000 ETH, worth about $7.2 million, after holding the tokens for nearly nine years. Other large exchange transfers were reported, but deposits alone do not confirm selling.
For traders, $2,300 is a key near-term support level and $2,400 is the immediate hurdle. A sustained move above $2,400 could bring the $2,480–$2,500 resistance zone into focus. A fall below the recent $2,285 low could expose $2,200, with $2,000 a possible level in a broader downturn. An earlier technical snapshot put the RSI at 39.83, while ETH was below $2,500 resistance. Bitcoin’s weakness also contributed to broader market pressure. There is no established direct link between the test delay and ETH’s price decline.
Bearish
The near-term bias for ETH is bearish. The price fell from around $2,395 on October 23 to a low near $2,285 the following day and remains below the $2,400–$2,500 resistance area. ETF withdrawals totaling about $220.7 million over five sessions, alongside a reported sale of 3,000 ETH by a long-term early investor, may reinforce caution and add to perceived selling pressure. The earlier RSI reading of 39.83 also reflected weak momentum, although it is not a current reading.
The Glamsterdam testnet delay may add uncertainty to sentiment, but it does not affect the live network, and there is no evidence it directly caused the price drop. If ETH fails to hold around $2,300 and breaks below the recent $2,285 low, traders may watch $2,200 and, in a wider market downturn, $2,000. Conversely, sustained ETF inflows and a recovery above $2,400 could ease the immediate pressure and bring $2,480–$2,500 back into view.
Over the longer term, the test delay alone does not change Ethereum’s fundamentals, but prolonged upgrade uncertainty or continued institutional outflows could weigh on confidence. A confirmed test schedule, steady network progress and stronger fund flows could help restore sentiment. Large transfers and reported sales can prompt short-term reactions, but neither guarantees continued selling; traders should distinguish confirmed transactions from transfers whose purpose is unclear.