Ethereum’s price has fallen toward the $2,300 support level as continued spot ETF withdrawals, selling by early investors and bearish technical indicators keep buyers under pressure ahead of the Federal Reserve’s interest rate decision.
Summary
- Ethereum price trades near $2,300 after losing approximately 13.6% during October.
- ETF withdrawals and sales by early investors continue to pressure ETH.
- CryptoQuant reports Ethereum NUPL near zero as Binance outflows continue.
- Analysts identify $2,350 and $2,550 as recovery levels, with $2,200 offering lower support.
According to the latest Ethereum price data, ETH was trading near $2,312, down approximately 0.43% over 24 hours, with trading volume reaching $8.77 billion. The cryptocurrency has lost roughly 13.6% in October, leaving traders watching whether its current support can hold through the final trading sessions of the month.
Why is Ethereum price falling today?
Institutional fund flows remain one of the main concerns for Ethereum investors, following several weeks of withdrawals from U.S. spot ETH ETFs. According to SoSoValue data, the funds recorded $88.58 million in net outflows on October 26, bringing cumulative net inflows to $12.63 billion. Total net assets stood at $14.07 billion, while daily trading volume reached $506.23 million.
The latest withdrawals followed $110.50 million in outflows on October 22, partially offset by $4.35 million in inflows the following day. Meanwhile, the weakness follows an earlier period of ETF selling, when Ethereum funds recorded $320.1 million in withdrawals during October 12–16, exceeding Bitcoin ETFs’ $228.4 million.
Selling by long-term holders has added another source of uncertainty. Blockchain tracker Lookonchain reported that an Ethereum ICO participant who acquired 100,000 ETH at $0.31 each sold another 1,500 ETH, valued at approximately $3.48 million, over eight hours.
Previous large Ethereum holder transactions included transfers involving early investors who moved thousands of ETH toward centralized exchanges. Such movements can increase immediately available supply, although an exchange deposit alone does not establish that a sale has taken place.
Ethereum exchange outflows rise as investor profits disappear
Despite selling by some major holders, separate on-chain readings suggest that other investors have been moving Ethereum away from trading platforms.
In an October 27 CryptoQuant analysis, analyst Arab Chain reported that Ethereum’s Net Unrealized Profit/Loss indicator had declined to approximately 0.0073, approaching the neutral level.
NUPL measures unrealized profits and losses across circulating supply. A reading near zero indicates that aggregate unrealized gains have narrowed considerably, leaving the market close to the boundary between net profits and losses.
The analyst identified recurring negative netflows from Binance throughout October, with some sessions recording particularly large withdrawals. Such movements may suggest investors are transferring ETH to private wallets or other venues, although the destination and eventual use of those holdings remain uncertain.
Santiment previously recorded approximately 169,770 ETH in net exchange withdrawals on October 22, its largest daily outflow in more than four months. The analytics firm cautioned that similar historical withdrawals had occurred near price lows but did not establish that another bottom was forming.
Ethereum price analysis identifies $2,300 as critical support
On the daily chart, Ethereum price was trading near $2,310, slightly above the lower Bollinger Band at $2,301.40. The 20-day simple moving average stood at $2,424.08, while the upper band was positioned near $2,546.76, leaving ETH below its short-term trend average.
Momentum indicators remained bearish, with the MACD line at −61.21 compared with a signal line of −49.41. The negative histogram reading of −11.80 indicated continued selling momentum, although it did not establish that losses would accelerate.
Crypto analyst Daan Crypto Trades identified the $2,150–$2,350 range as an attractive longer-term area for spot investors. He said bulls needed to regain $2,350 before challenging $2,550 to restore stronger upward momentum.
Meanwhile, Ash Crypto identified $2,300 as immediate weekly support, warning that a breakdown could expose $1,900. The analyst placed resistance at $2,550 and $2,800, while noting that weekly stochastic RSI momentum remained bearish.
A separate outlook from Sykodelic was more optimistic, suggesting Ethereum could resolve its current pattern to the upside within seven days. That scenario remains conditional on buying demand returning and ETH holding its nearby support.
What could influence Ethereum price prediction this month?
Beyond fund flows and technical levels, Ethereum developers have postponed the Glamsterdam upgrade’s planned October 26 activation on the Hoodi testnet. The Ethereum Foundation announced the delay after identifying concerns involving EIP-8037 and existing smart contracts, without providing a replacement date.
The postponement concerns testnet deployment and does not represent a rollback of Ethereum’s mainnet. Developers are reviewing the compatibility issues before setting a new activation schedule, while investors await the Federal Reserve’s October 28 decision and subsequent U.S. inflation data.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
