Ethereum price has remained under pressure near $2,400 on October 23 as renewed ETF withdrawals, selling by an early investor and cautious market sentiment complicated the cryptocurrency’s recovery.
Summary
- Ethereum traded near $2,395 on October 23 as sellers kept ETH below $2,500.
- U.S. spot Ethereum ETFs recorded $110.6 million in withdrawals on October 22.
- Ethereum developers postponed Glamsterdam’s Hoodi testnet activation while investigating smart-contract compatibility risks.
- Lookonchain reported that an early investor sold 3,000 ETH worth approximately $7.2 million.
- Ethereum’s RSI stood at 39.83, with $2,350 support and $2,500 resistance in focus.
According to crypto.news market data, ETH traded around $2,394.57, down approximately 0.25% over 24 hours, with trading volume near $11.62 billion. The cryptocurrency has struggled to regain $2,500 after retreating from its October highs, while buyers attempt to stabilize prices above $2,350.
Why is Ethereum price down today?
Ethereum’s latest weakness coincided with another round of withdrawals from U.S. spot exchange-traded funds. According to SoSoValue data, U.S. spot Ethereum ETFs recorded approximately $110.6 million in net outflows on October 22, with BlackRock’s ETHA reportedly accounting for a significant share of the withdrawals.
The withdrawals followed a difficult period for institutional demand. During October 12–16, Ethereum ETFs lost roughly $320 million, according to data examined in previous ETF flow coverage. BlackRock’s fund accounted for nearly $299 million of those weekly withdrawals.
Beyond investment products, renewed geopolitical tensions and elevated oil prices weighed on cryptocurrency sentiment. Bitcoin remained near $81,500 at press time, suggesting that Ethereum’s decline occurred alongside weakness across major digital assets.
Ethereum price history shows an October trading range between approximately $2,335 and $2,754. With ETH trading below its monthly opening level near $2,685, buyers have struggled to recover the losses accumulated during the month.
Ethereum’s Glamsterdam upgrade faces testnet delay
Another development attracting attention was the postponement of Ethereum’s Glamsterdam upgrade on the Hoodi testnet. The Ethereum Foundation confirmed the delay on October 22 after developers identified potential compatibility concerns involving EIP-8037 and existing smart contracts.
The upgrade had been scheduled for October 26, but developers withdrew that activation date while they investigate the issue. The associated proposal to raise Hoodi’s gas limit to 200 million was withdrawn from the planned activation.
As crypto.news reported on Glamsterdam, the postponement concerns the testnet schedule, not a failure of Ethereum’s mainnet. Developers have not announced a replacement Hoodi activation date or confirmed when Glamsterdam will reach mainnet.
The Ethereum Foundation advised Hoodi node operators and validators to review their client configurations before October 26. Ordinary ETH holders and mainnet users do not need to take action because of the schedule change.
Early Ethereum investor sells 3,000 ETH after nine years
Meanwhile, blockchain analytics firm Lookonchain reported that an early Ethereum investor sold 3,000 ETH worth approximately $7.2 million after holding the tokens for nearly nine years.
The wallet reportedly acquired the cryptocurrency for around $56,000 when ETH traded below $19. At the reported sale value, the position generated proceeds equivalent to roughly 129 times its original purchase cost, excluding transaction expenses.
Other longtime holders have moved significant amounts of Ethereum during October. One investor deposited 6,369 ETH worth approximately $16 million to Kraken, while another transferred 13,330 ETH to Coinbase.
Such deposits can indicate preparations to sell, although exchange transfers alone do not prove completed sales. Previous Ethereum whale transaction reporting documented large transfers by early holders without establishing that every deposit resulted in market selling.
Ethereum price prediction: Can ETH hold $2,350?
The Ethereum price TradingView-style daily chart showed ETH trading at $2,398.79, gaining 0.40% during the chart session. Despite that modest recovery, the cryptocurrency remained below $2,500, with its technical indicators continuing to favor sellers.
The Relative Strength Index stood at 39.83, slightly below its moving average of 40.24. The indicator remained above the oversold threshold of 30, suggesting that selling momentum had moderated without confirming a sustained recovery.
Meanwhile, Bull Bear Power registered -102.25, showing continued bearish pressure. The contraction in negative histogram bars indicated that sellers were losing some momentum compared with previous sessions.
Crypto analyst CryptoBusy identified $2,350–$2,480 as an important support region. A recovery above $2,500 could bring $2,800 into consideration, while losing $2,350 could expose $2,200.
Another analyst, Ella, identified $2,375–$2,390 as an immediate support area. Her analysis placed $2,425 and $2,460 as recovery levels, with $2,330 becoming relevant if support fails.
Moreover, trader Ted Pillows noted that ETH remained below its 50-day simple and exponential moving averages. He said buyers would need to reclaim those indicators with stronger spot demand before the technical picture improves.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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