Ethereum traded near $2,318 on October 29, down more than 2% in 24 hours, as U.S. spot Ether exchange-traded funds recorded a third straight session of outflows. SoSoValue data showed $21.41 million in net withdrawals on October 28, following $60.22 million on October 27 and $88.58 million on October 26, bringing combined outflows across the three sessions to roughly $170.21 million. BlackRock’s iShares Ethereum Trust, ETHA, accounted for $44.83 million of the latest outflows, while inflows into competing funds partly offset the damage.
ETH is trading below its seven-day moving average near $2,354 and its 30-day moving average near $2,498. The MACD remains negative, and immediate support sits between $2,290 and $2,300. A sustained break below that area could expose Ethereum to $2,200 and then $2,100, while buyers would need to reclaim $2,400 before attempting another move toward $2,500. Analyst Michaël van de Poppe said prices below $2,300 could be a buying area if defended, while Daan Crypto Trades identified $2,350 as an important recovery level and $2,550 as higher resistance that could eventually open a path toward $3,000 or more.
Ethereum developers are also reviewing delays for the upcoming Glamsterdam network upgrade. The Ethereum Foundation postponed the Hoodi testnet activation on October 23 because of compatibility concerns involving EIP-8037 and existing smart contracts. The upgrade had already activated on Sepolia testnet on October 6, but no replacement Hoodi activation date or confirmed mainnet schedule has been announced.
Separately, Solana remains in focus after Multicoin Capital co-founder Kyle Samani argued that SOL will overtake ETH in market value this cycle. Solana leads on raw performance with more than 1,000 transactions per second and a 30-day fee revenue of about $26 million versus Ethereum’s $17 million. However, Ethereum still holds roughly $49 billion in total value locked compared with Solana’s $6 billion, and about $144 billion in stablecoins versus Solana’s $16 billion. SOL traded near $102 and is below its 50-day average near $106, with support at $97.45 just under its 200-day average. A daily close below that narrow band could open a deeper drop toward $78, while ETH is still above its 200-day average near $2,320 but faces a thin cushion.
