Ethereum price holds range as Glamsterdam upgrade fails to lift demand
Ethereum is settling into calmer trading after the sharp swings of recent sessions. Still, the lack of a clear buying impulse leaves the direction of the next major move unresolved.
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The Ethereum Foundation has announced that the Glamsterdam update will be launched on the Hoodi testnet on October 26. The update is aimed at scaling up Ethereum, optimizing block processing, and changing the mechanism of transaction fees calculation. The date of the mainnet release has not been announced yet.
However, even though the upgrade is quite important for the network’s future growth, the news did not produce any significant positive reaction in ETH.
The institutional interest is also low. As per SoSoValue, the net outflows from U.S. spot Ethereum ETFs were about $103.3 million on October 19.
ETH consolidates as buyers defend the lower trading range
ETH is gradually settling into consolidation between $2,350 and $2,550. The price is currently hovering near the lower end of that range, where buyers continue to provide enough support to prevent a deeper decline.
As noted previously, a break below $2,319 could trigger another wave of long liquidations and accelerate the move toward $2,200, where the next major support area is located.
On the upside, a sustained break above the local descending trendline near $2,450 would give Ethereum room to test the upper boundary of the range around $2,550.
Cooling volatility shifts attention to the next breakout
Crypto market volatility has eased considerably after the latest sharp move, which is consistent with a broader decline in trading activity. Ethereum’s shift into consolidation may reflect a temporary balance between buyers and sellers, but it does not necessarily mean the correction is over.
ETH could remain confined to a relatively narrow range over the next several sessions while the market builds toward its next directional move. Persistent ETF outflows continue to limit buyer conviction, however, and any eventual breakout from the range could quickly bring volatility back into the market.
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