Will Ethereum hold $2,243 support amid hesitancy around ETF flows and tech delays?

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Ethereum drops 2.25% amid ETF outflows

Highlights

U.S. spot Ethereum ETFs saw $21.41 million in net outflows, with BlackRock redeeming $44.83 million and Fidelity adding $18.78 million, indicating ongoing institutional withdrawals.
Ethereum developers postponed the Glamsterdam upgrade on the Hoodi testnet due to a security bug, increasing execution risk and prolonging uncertainty around EIP-8450 revisions.
ETH/USD trades below key moving averages with strong downside momentum, forecasting a price range of $2,243 to $2,340 and a high probability of further decline.

Institutional outflows and upgrade delays intensify selling and uncertainty

U.S. spot Ethereum ETFs experienced $21.41 million in net outflows on October 28, 2026, with BlackRock’s ETHA redeeming $44.83 million and Fidelity’s FETH gaining $18.78 million, highlighting continued institutional withdrawals and reduced demand for Ethereum exposure, according to Tokenpost. This shift in fund flows places downward pressure on liquidity and investor sentiment. Separately, Ethereum developers postponed the Glamsterdam upgrade on the Hoodi testnet following the discovery of a security bug, introducing increased execution risk despite mainnet users being unaffected, as reported by Startupfortune. Ongoing revisions to EIP-8450 contribute further to uncertainty over upgrade timelines, as noted by Cryptotimes.

Downside bias prevails as sell signals strengthen below resistance

On the technical front, ETH/USD is trading below both the MA-20 and MA-50 on the hourly chart, while still holding above the MA-200 on the daily timeframe. The Ichimoku Kijun at $2,342 serves as immediate resistance for any intraday recovery. Momentum indicators show that both MACD and ADX are signaling a Sell bias, while RSI and CCI remain in Sell territory. Stochastic RSI is in neutral, but Bull/Bear Power indicates oversold conditions still favoring the sellers. The Awesome Oscillator continues to reinforce the prevailing downside risk.

Bearish extension likely as range-bound risks persist near key support

In the short term, ETH/USD is likely to fluctuate within a range of $2,243 to $2,340, in line with typical volatility. The probability of an upward move remains very low, and further price decline is highly probable. The base case scenario points to consolidation within this band, with a bullish breakout requiring a move above the $2,342 resistance. Should the price fall below $2,243, a further bearish extension could unfold.

Anton Kharitonov, expert at Traders Union, sees Ethereum facing persistent downward pressure. He notes that institutional outflows from U.S. spot ETFs and technical weakness point to limited upside. Ongoing delays and uncertainties in network development further weigh on investor sentiment. "As long as ETH/USD remains below $2,342 and demand stays weak, my base case is for continued consolidation or further decline."

Earlier, analysts highlighted a cautious outlook for Ethereum amid persistent downside pressure and rising regulatory concerns. The current analysis reinforces this view, as continued institutional outflows and technical weakness point to an elevated risk of further declines, making sustained consolidation above the $2,243 level a critical threshold for near-term direction.

Source of Data: ETH Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.