The price of Ethereum remained under pressure around $2,410 on October 23, following net outflows from US spot Ether funds totaling $110.6 million. The main outflows occurred from large funds operated by BlackRock, while a long-term investor sold 3,000 ETH, and the planned Glamsterdam testnet upgrade faced postponement due to potential smart contract compatibility concerns.
Ethereum price struggles and ETF outflows
Ethereum traded around $2,410 as daily trading volume approached $11.65 billion. After reaching higher values earlier in October, ETH continued to remain below the $2,500 threshold and also fell beneath its monthly opening of $2,685.
During October, efforts to reclaim $2,500 were met with selling pressure, reflecting a broader downturn in the market. On October 22, US spot-based Ethereum exchange-traded funds recorded net outflows of $110.6 million.
BlackRock, a global investment management corporation, led the withdrawals with its ETHA fund losing $75.5 million and its ETHB product facing $17.2 million in outflows. Fidelity’s FETH fund, in contrast, attracted $2.4 million in inflows, but this modest reversal was not enough to offset the broader negative flows observed across the sector.
| ETF/Fund | Net Outflow | Net Inflow |
|---|---|---|
| BlackRock ETHA | $75.5 million | – |
| BlackRock ETHB | $17.2 million | – |
| Fidelity FETH | – | $2.4 million |
| Sector Total | $110.6 million | – |
In the days preceding October 22, spot Ethereum funds had also faced a series of turbulent sessions, with roughly $320 million in net outflows between October 12 and October 16. This data reflects fund flows available on exchanges and does not include all institutional trades or individual off-exchange holdings.
Long-term investor exit draws attention
Lookonchain, a blockchain monitoring service, reported that an early Ethereum investor sold 3,000 ETH for $7.23 million on October 23. The investor originally acquired the tokens nine years earlier at an average purchase price of $18.83 per ETH.
The investor’s exit generated a 128-fold return compared to their acquisition cost, highlighting the substantial long-term gains still possible in the cryptocurrency market even after significant volatility in recent months.
Lookonchain noted that while the sale brought considerable community interest, the movement of funds to exchanges does not always signal an immediate sale, as it could also precede further trading or repositioning strategies.
Mini dictionary: Lookonchain is a blockchain analytics platform that monitors and reports large crypto transactions and fund movements, offering real-time insights for market participants.
Glamsterdam testnet upgrade delayed
The Ethereum Foundation announced a delay in the planned activation of the Hoodi testnet by the Glamsterdam team, initially scheduled for October 26. The delay follows concerns about how Ethereum Improvement Proposal (EIP)-8037 may interact with existing smart contracts migrating from the Ethereum mainnet, and the decision to halt a proposed increase in the Hoodi gas limit to 200 million units.
These changes only affect the Hoodi testnet. Regular Ethereum users and mainnet holders do not need to take any immediate action, but the Ethereum Foundation recommended that validators and node operators consult updated client instructions.
The updated testnet timeline remains open, with the previous schedule no longer valid.
Key trading levels and analyst outlook
Ethereum’s 14-day Relative Strength Index (RSI) hovered near 41, suggesting a market posture below the neutral 50 mark but above the oversold threshold of 30. Immediate support was identified at $2,348, with stronger resistance at $2,414 and $2,461. Further support could be found around $2,286, while higher resistance levels may come into play at $2,524.
CryptoBusy, a market analyst, assessed that Ethereum is currently testing a daily support range between $2,350 and $2,480, after correcting from $2,700. A rebound above $2,500 is required before a possible run toward $2,800 can be considered.
CryptoBusy added that if the price falls below $2,350, the recovery prospects for ETH would likely weaken. The analyst marked $2,200 as a potential lower boundary, clarifying it is a reference level, not a formal target.
Presently, short-term price action in Ethereum is being shaped by fund flows, major investor moves, and the timing of technical upgrades, as traders react to shifting demand and emerging technical levels.
