Ethereum is attempting to stabilize after another volatile stretch, with multiple positioning signals beginning to turn more constructive even as price action remains mixed. According to Brave New Coin, ETH traded around $2,460.98, up 0.52% over the prior 24 hours, while a separate report from CoinCentral noted ETH near $2,367 on Oct. 24, sitting directly on a rising trendline that has held since the summer low.
Whale rotation into ETH has emerged as a notable demand-side signal. Lookonchain data shared by Cointelegraph shows one large holder selling approximately 1,917.7 BTC worth $159 million over the past 11 days while buying 64,545 ETH valued at roughly $155 million. The whale is building a sizable Ethereum position during weakness, adding weight to the idea that larger investors are becoming more interested before a stronger recovery is confirmed.
U.S. spot Ether ETFs also returned to net inflows on Oct. 23, recording $4.4 million after a $110.6 million withdrawal the previous day. Fidelity's FETH took in $3.6 million and Morgan Stanley's MSSE added about $800,000. Despite the small gain, the funds have seen more than $1 billion in withdrawals over the past 30 trading days, though they still hold roughly 5.9 million ETH, or about 4.8% of circulating supply.
Ethereum's derivatives positioning has turned increasingly bullish. Data shared by Trader Symba shows ETH shorts falling from above 14,000 to roughly 3,000, while long exposure climbed from below 100 million to around 365 million. This shift suggests growing confidence that the current base can support another recovery attempt, though resistance near $2,415 and $2,500 must still be reclaimed.
Technical indicators are mixed. The 2-hour RSI has cooled to around 47, and the daily RSI sits at 37.18, close to oversold but above 30. The MACD remains negative, with the daily line near -50.4 below its signal line at -40.9. Analyst Ted Pillows warned that a daily close below $2,350 could push ETH toward $2,200–$2,250, while holding the $2,330–$2,380 zone would keep a bounce toward $2,450–$2,500 on the table.
On the development side, Ethereum developers postponed the Oct. 26 Glamsterdam activation on the Hoodi testnet due to security concerns tied to EIP-8037 and its interaction with existing smart contracts. The Ethereum Foundation said more time is needed and no new date has been set. The delay affects testing only, not the Ethereum mainnet.
On-chain metrics remain robust: Ethereum has about $49.2 billion in DeFi total value locked, around $143.5 billion in stablecoins, more than 540,000 active addresses, and about 1.89 million transactions in the past day. However, stablecoin supply slipped 0.6% over seven days and weekly DEX volume fell roughly 13%. ETH supply grew by about 86,800 ETH over 30 days as issuance topped burns. Longer-term, Merlin The Trader identifies the $2,270–$2,500 range as a major accumulation zone, with a recovery target of $3,000–$3,300 and eventually $8,800 if the broader trend develops.
