Ethereum encountered further uncertainty over the weekend as its price dropped below $2,300, coinciding with developers postponing a critical phase of the blockchain’s upcoming Glamsterdam upgrade.
Developers Postpone Hoodi Testnet Activation
The Ethereum Foundation announced last week that activation of the Glamsterdam upgrade on the Hoodi testnet, originally scheduled for October 26, has been delayed. Developers cited the need for additional time to evaluate how EIP-8037—one of the core changes of the upgrade—interacts with existing Ethereum smart contracts. No new date has been given for the testnet launch.
This decision also affects a planned increase to the Hoodi testnet’s gas limit, which was set to rise to 200 million. However, the Foundation stressed that this postponement is confined to the testnet and does not impact the main Ethereum network or require action from ETH holders.
The delay follows a stretch of cautious optimism from Ethereum’s community and developers, who had regarded Glamsterdam as a key step on the network’s scaling roadmap. Technical evaluations are expected to continue in the coming weeks as researchers focus on any unforeseen interactions that could affect broader smart contract functionality.
While the setback involves a test environment rather than Ethereum’s live blockchain, developers stated it is necessary to ensure full compatibility and stability of upcoming scaling solutions.
Earlier reporting suggested that a successful Glamsterdam testnet deployment could restore confidence in Ethereum’s developmental timeline, but no definitive link has been made between this particular delay and this weekend’s selloff in ETH markets.
Weak Institutional Demand Deepens the Correction
The setback for Ethereum’s upgrade comes as institutional flows remain inconsistent. U.S. spot Ethereum ETFs recorded net outflows of $110.6 million on October 22. This was followed by a net inflow of just $4.4 million the next day, according to Farside Investors. Over the course of the five trading days ending October 23, ETF funds lost about $220.7 million in total.
This pattern signals that institutional appetite for Ethereum remains subdued, contrasting with earlier periods of optimism that had pushed Ethereum toward $2,500. Persistent selling pressure in the ETF space has complicated any attempts by ETH to mount a sustained recovery.
Some corporate entities, such as BitMine, continue to accumulate ETH as a long-term strategy. Nonetheless, incremental buying has not been sufficient to offset broader market selling.
Farside Investors highlighted the inconsistent inflows and outflows in US spot Ethereum ETFs, indicating that a decisive turnaround in institutional sentiment has yet to materialize.
Ethereum Price Levels and Trader Strategies
Ethereum faces substantial technical challenges in the near-term. After briefly dipping to $2,285 on Saturday, the asset recovered to around $2,360 but remains about 12% below its early-October levels. Bulls are monitoring the $2,400 mark as a critical threshold for short-term recovery, aiming for a resistance band between $2,480 and $2,500.
A move from $2,360 to $2,500 would represent an advance of nearly 6%. If buyers succeed, secondary targets at $2,550 to $2,600 could come into view, though that would require increased momentum and renewed institutional inflows.
On the downside, a drop below $2,285 risks triggering further declines toward $2,200 and the significant $2,000 psychological support, especially if overall crypto sentiment remains weak.
With rapid shifts driven by developments such as Fed decisions or new altcoin listings, traders are increasingly turning to comprehensive tools tailored for the digital asset space. In these volatile conditions, monitoring charts, news feeds, and portfolio data across multiple platforms can prove costly. As a result, many market participants are adopting solutions like CryptoAppsy, a privacy-first platform offering real-time charts, smart price alerts, curated coin news, and key macroeconomic data—available seamlessly on a single screen without the need to create an account.
