Ethereum, the world’s second-largest cryptocurrency by market capitalization, declined 1.37% over the past 24 hours to $2,320, amid widespread market sell-offs. This downturn followed the US Federal Reserve’s decision to keep interest rates unchanged at its October meeting, prompting investors to reassess macroeconomic risks. Signs of continued short-term pressure on Ethereum’s price remain visible.
Whale selling and exchange inflows draw attention
Crypto analyst Ali has projected that Ethereum’s price could decline further to $2,000, reflecting a potential additional drop of roughly 14% from current levels. Ali bases this forecast both on recent on-chain activity and the ongoing price action.
Ali noted that major investors, often called “whales,” have sold around 160,000 ETH in recent days, while the amount of ETH held on exchanges has risen by 100,000, increasing the likelihood of continued selling pressure.
On October 28, 2026, Ethereum failed to maintain an upward trajectory near $2,400. That day, network transaction volumes surpassed $100 billion. Following the rejection at this level, the price dropped below $2,300, falling as low as $2,290 during the day. Reductions in large wallets totaling 160,000 ETH pointed to approximately $348 million being offloaded by significant holders.
Meanwhile, the ETH balance on exchanges increased by 100,000 units, equivalent to about $240 million. This trend often signals that more tokens are ready for sale, adding near-term price pressure. Several analysts observe that rising exchange balances typically add to downward momentum for digital assets.
| Metric | Change | Approximate USD Value |
|---|---|---|
| Whale ETH sold | -160,000 | $348 million |
| ETH sent to exchanges | +100,000 | $240 million |
Technical structure turns weaker
Ali considers Ethereum’s break below $2,385 as a critical technical development, signaling a deteriorating short-term outlook. The daily chart, according to the analyst, reveals a clear structure pointing toward a downward resolution. Should selling persist and ETH remain under the $2,385 level, a move toward $2,000 could remain on the table.
Ali explains that, should strong selling continue and exchange balances stay elevated, Ethereum could see another correction toward $2,000.
Glamsterdam upgrade delayed
Besides recent price movements, Ethereum’s technical roadmap has also shifted. The Glamsterdam upgrade, previously scheduled for deployment on the Hoodi testnet at 17:42:48 UTC on October 26, 2026, has been postponed. No new activation date has been provided. Hoodi is a test network used by Ethereum developers to trial system changes before mainnet launches.
Core developers decided to delay the upgrade at the ACDE #248 meeting to allow for a more detailed review of EIP 8037’s interactions with mainnet smart contracts. This postponement also removed the planned simultaneous activations for the Amsterdam execution layer and Gloas consensus layer, as well as raising Hoodi’s gas limit to 200 million during the same period. Updated testnet activation schedules are expected to be announced separately at a later date.
Mini dictionary: EIP stands for Ethereum Improvement Proposal, which defines planned technical changes on the network. Testnets are separate networks used to safely trial upgrades before they are deployed to Ethereum’s mainnet.
