Ether(ETH) fell to about $2,360 on Sunday, testing key support after sliding from a $2,726 peak on Oct. 5 as investors kept pulling cash from U.S. exchange-traded funds. Key Points: Ether sli
Ether(ETH) fell to about $2,360 on Sunday, testing key support after sliding from a $2,726 peak on Oct. 5 as investors kept pulling cash from U.S. exchange-traded funds.
Key Points:
- Ether slid to about $2,360 on Sunday, down from a $2,726 peak on Oct. 5.
- U.S. spot Ether funds lost a net $954.8 million from Oct. 1 to Oct. 16.
- Analysts say a daily close below $2,360 could open a path toward $2,200.
Ether traded near $2,364 on Sunday afternoon, down about 1.6% over 24 hours, as the second-largest cryptocurrency drifted into a demand zone between $2,360 and $2,440. Daily charts show that zone lining up with the lower edge of a broader rising channel, but a string of lower highs suggests sellers remain in control. The token peaked near $2,726 on Oct. 5.
Fund flows have offered little relief.
Investors withdrew a net $954.8 million from U.S. spot Ether funds between Oct. 1 and Oct. 16, with only one session, Oct. 13, posting an inflow of $24.8 million. BlackRock's iShares Ethereum Trust absorbed the full $69.7 million outflow on Oct. 16 and accounted for $223.9 million of the $259.5 million that left over the final three sessions. That left the funds with $14.95 billion in net assets.
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Chart analysts say buyers must reclaim $2,440 and then clear resistance between $2,500 and $2,560 before any rebound toward the $2,670 to $2,740 area looks credible. A daily close below $2,360 would weaken that structure and raise the odds of a slide toward $2,200, where liquidation data shows a dense cluster of potential long liquidations.
Analyst Alejandro Arrieche took a more upbeat view in an Oct. 16 forecast, calling $2,400 an important floor and saying Ether could retest $2,800 if buying momentum improves. He said a break above $2,600 would confirm the recovery. Macro investor Jordi Visser said on a podcast this month that Ether, along with Bitcoin(BTC), has held up as one of the sturdier parts of the crypto market.
Developers are preparing to roll Ethereum's Glamsterdam upgrade, which aims to lift block capacity toward a 200 million gas limit, onto a second test network later this month after its Oct. 6 debut. Analysts warn that more capacity does not guarantee a higher price.
The latest drop caps a choppy month for Ether, which fell to about $2,313 on Oct. 15 before closing near $2,439, then dipped to roughly $2,391 the following day. Buyers have defended the $2,360 area several times since, but rebounds keep fading. The token is down 18.4% so far this year, even after a 29.3% gain over the past 90 days, based on data through Oct. 17.
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