Ethereum enters the final days of October under pressure, trading near $2,367 after opening around $2,384 and briefly dipping to $2,356. The second-largest cryptocurrency has already shed roughly 12% in October, and traders are now watching whether it can hold the ascending trendline that has supported its recovery since June. The looming Federal Reserve decision adds another layer of macro pressure. QCP Capital has flagged $2,150 as the next major support if current levels fail, while analyst Ted Pillows emphasizes that a daily close below $2,350 could expose the $2,200 to $2,250 region.
ETF flows have offered a modest reprieve. Ethereum spot ETFs recorded $4.4 million in net inflows, reversing the previous day’s $110.6 million outflow. Still, institutional demand has been weakening for four consecutive weeks, and bearish momentum indicators persist. The daily RSI is at 37.18, approaching oversold territory, while the MACD line near -50.4 remains below the signal line at -40.9. A successful rebound would target $2,450 to $2,500, but ETH must reclaim $2,500 before challenging $2,600 and the higher resistance band between $2,700 and $2,800.
Adding uncertainty, developers postponed the Glamsterdam activation on the Hoodi testnet, which was planned for October 26. Researchers identified potential issues involving EIP-8037 and existing smart contracts, and the Ethereum Foundation has not announced a replacement date. The delay affects testnet preparations rather than mainnet operations, but it adds to cautious sentiment. On-chain activity remains substantial: Ethereum holds about $49.2 billion in DeFi total value locked, around $143.5 billion in stablecoin holdings, over 540,000 active addresses, and 1.89 million daily transactions. However, liquidity signals are softening, with stablecoin supply down 0.6% over seven days and weekly DEX volume falling 13%. ETH supply has also increased by about 86,800 tokens over 30 days, while approximately 43.8 million ETH sits in active validator balances.
