Ethereum is trading around $2,682, up roughly 10% over the past month but still about 46% below its $4,953 all-time high. After briefly reaching about $2,775 on Oct. 2, ETH pulled back toward the $2,650 support zone, reinforcing the upper $2,700s as resistance. Analysts say the immediate hierarchy is straightforward: $2,650 support → $2,800 breakout → $3,000 psychological target. If ETH clears $3,000, the next technical area is near $3,050.
Some market participants believe ETH has just reclaimed the $2,600 liquidity zone, a level traders were closely watching. With the reclamation seemingly complete, bulls are looking at $3,400 as the next major liquidity target, although others caution that the real bull signal will arrive only if ETH builds acceptance above $2,600. Broader crypto sentiment remains tied to Bitcoin, with analysts watching $88,000 for BTC, while some altcoins such as NEAR, LINK, XLM and FET have already been pumping.
The next catalyst is fast approaching. Ethereum’s Glamsterdam upgrade is scheduled to activate on the Sepolia testnet on Oct. 6, introducing major changes to block construction, gas pricing and Layer-1 scaling ahead of a future mainnet release. The Ethereum Foundation says a mainnet date has not yet been finalized.
Institutional flows have turned against ETH in the short term. U.S. spot Ethereum ETFs posted $59.6 million of outflows on Sept. 30, followed by $55.4 million on Oct. 1 and $17.3 million on Oct. 2, according to Farside Investors. That marks a sharp reversal from late September’s inflow streak. Still, the broader supply backdrop remains constructive: exchange reserves have fallen to multi-year lows while staking continues to absorb circulating ETH.
