Ethereum Price: Glamsterdam Delay and ETF Outflows Weigh on ETH
The Ethereum price stood at $2,353.56 on Binance at 07:15 UTC (07:15 UK, 03:15 ET) on 28 October 2026, according to Blockchain.News. From 20 to 27 October, ETH fell 4.4%, as 24/7 Wall St. reported. Two pressures stand out. Ethereum developers postponed the Glamsterdam upgrade on the Hoodi testnet, and US spot Ether funds lost about $220.6 million in the week from 19 October.
There is a counterweight. BitMine bought 10,452 ETH in the week to 25 October and now holds 4.95% of the supply, per crypto.news. The company has said it plans to stop at 5%. The Federal Reserve also announces its rate decision today at 14:00 ET (18:00 UK), per Newsquawk.
The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.
Table of Contents
- Ethereum Price Today: The Key Facts at a Glance
- Why Is Ethereum Down?
- Why Was Glamsterdam on the Hoodi Testnet Postponed?
- Ethereum ETF Outflows: How Big Is the Drain?
- BitMine 5% Cap: A Steady Buyer Nears Its Limit
- Staking and On-Chain Signals
- Fed Rate Decision Today and the Macro Backdrop
- Ethereum vs Bitcoin
- Ethereum Price History: The Five-Year Picture
- Ethereum Technical Analysis
- Ethereum Price Prediction: Scenarios and Forecasts
- Tailwinds and Headwinds for ETH
- Key Dates to Watch
- How Traders Often Approach Ethereum News
- The Bottom Line
- Frequently Asked Questions
Ethereum Price Today: The Key Facts at a Glance
The table below sums up the main numbers behind this week's Ethereum news. Each line links to its source in the text that follows.
Source: Blockchain.News, 24/7 Wall St., TradingNEWS, crypto.news, Ethereum Foundation. Past performance is not a reliable indicator of future results.
Why Is Ethereum Down?
Several forces have lined up against ETH in October. According to BlockchainReporter, the token opened the month near $2,706 and has lost about 13% since. The main drivers are listed below.
- The Glamsterdam upgrade slipped on the Hoodi testnet, which clouds the timing of the next hard fork.
- Spot Ether ETFs have recorded net outflows in each of the last three full weeks.
- The Fed is in a hiking cycle, and futures pricing points to a high chance of one more increase by December.
- BitMine, a large regular buyer, is close to its self-imposed 5% limit.
- An early ICO wallet sold 1,500 ETH on 26 October, adding to supply on the market.
Each driver is covered below. Price data alone cannot prove which one caused a given move, so it helps to look at them together.
Why Was Glamsterdam on the Hoodi Testnet Postponed?
What Is Glamsterdam?
Glamsterdam is Ethereum's next hard fork. It joins two upgrades. "Amsterdam" changes the execution layer, and "Gloas" changes the consensus layer. It went live on the Sepolia testnet on 6 October 2026, according to the Ethereum Foundation announcement.
Source: Ethereum Foundation Blog, 16 October 2026.
What Is EIP-8037?
EIP-8037 aims to stop state growth from getting out of hand as block gas limits rise. It adds a per-byte cost for new state and measures that cost apart from ordinary execution gas. The proposal sat in "Last Call" status with a deadline of 1 November 2026, according to the official EIP page.
Why ChainSecurity Raised a Flag
On 13 October, the audit firm ChainSecurity warned that EIP-8037 and EIP-8038 could weaken defences against "insufficient gas griefing". Some contracts check how much gas is left after an external call. They use that figure to decide whether a failed action can be retried. Under the new gas rules, the same code could reach a different answer, as GNcrypto explained.
On 23 October, ChainSecurity said it had found 13 real-world contracts that could be affected. It has not named them while responsible disclosure is under way. Security researcher pcaversaccio called the risks "serious" in a GitHub comment on 21 October, according to GNcrypto.
Timeline of the Delay
Source: Analytics Insight, GNcrypto, KuCoin News.
The Ethereum Foundation said the delay allows "further investigation of interactions of EIP-8037 with mainnet smart contracts". A new activation date has not been set. Mainnet users and ETH holders do not need to take any action.
What the Delay Means for the Mainnet Date
Developers had discussed early December for the mainnet launch, though they never approved a date. That window now looks hard to meet, according to Analytics Insight.
Ethereum Foundation researcher Toni Wahrstätter said on 26 October that the team was studying the affected contracts. He added that, in the worst case, the protocol specifications might need to change, as ChainCatcher reported.
For markets, the main open question appears to be timing. The postponement concerns a testnet, and the Ethereum Foundation says mainnet users do not need to act. Lido said preliminary ChainSecurity audits did not find critical issues in its core contracts, per KuCoin News.
Ethereum ETF Outflows: How Big Is the Drain?
Daily Flows in the Week From 19 October
US spot Ether ETFs posted net outflows on three of five days last week. Farside data, as reported by TokenPost, put the weekly total at about $220.7 million. That is in line with the $220.6 million cited by 24/7 Wall St.
Source: Farside data via TokenPost, 26 October 2026. Two fund entries were blank on 23 October, so the total may change. Past performance is not a reliable indicator of future results.
The new week began in the same way. On 26 October, the funds lost $88.58 million, according to TradingNEWS. BlackRock's ETHA lost $104.71 million that day. Fidelity's FETH took in $16.13 million.
Three Weeks of Redemptions
The weekly outflow has shrunk week by week since early October. Even so, the total remains large.
Source: 24/7 Wall St., 24 October 2026, and 24/7 Wall St., 27 October 2026. Past performance is not a reliable indicator of future results.
Cumulative net inflows fell from $13.8 billion on 1 October to about $12.6 billion on 26 October, according to 24/7 Wall St. That is a drop of roughly $1.2 billion this month. Unchained called October the funds' worst month of 2026. For contrast, the funds took in $832 million in September and $1.85 billion in August.
ETHA Carries Most of the Selling
BlackRock's iShares Ethereum Trust (ETHA) accounted for about $1.01 billion of the three-week outflow. That is roughly 93% of the total. Its net assets fell from about $9.9 billion on 5 October to about $7.8 billion on 23 October, per 24/7 Wall St. That is a fall of roughly 21%. The fall reflects redemptions as well as the lower ETH price.
Do ETF Outflows Affect Ethereum Price?
ETF redemptions can add selling pressure, because issuers may need to sell ETH to pay out investors. The funds together hold roughly 6.2 million ETH, according to Unchained. Some analysts treat a full week of net inflows as a sign that demand may be returning. Analysts at 24/7 Wall St. list such a week as one condition for a recovery towards $2,700.
Last week's ETF outflow of about $220.6 million was roughly nine times larger than BitMine's purchase of about $24.6 million. BitMine's buying covered only a small share of the fund selling.
BitMine 5% Cap: A Steady Buyer Nears Its Limit
BitMine Immersion (BMNR) is a listed company that holds ETH as its main treasury asset. Its 26 October update gives a clear picture of its holdings.
Source: crypto.news, 26 October 2026. Past performance is not a reliable indicator of future results.
How Long Can BitMine Keep Buying?
Chairman Tom Lee said at Token2049 in Singapore that BitMine would stop buying at 5%. "Now we're going to stop," he said, as Decrypt reported on 7 October. Unchained quoted him calling the level "a hard cap".
Reaching 5% of a 122.2 million supply takes about 6.11 million ETH. That leaves roughly 58,067 ETH to buy, per crypto.news. At last week's pace of about 10,000 ETH, the gap would close in about five to six weeks. New issuance moves the 5% line up a little each month, so estimates differ.
Why the Cap Matters
Unchained estimates new issuance at roughly 20,000 ETH a week. Low mainnet fees mean the fee burn does not offset it. Once BitMine stops, the market loses a steady buyer of about 10,000 ETH a week. Other buyers would need to absorb that supply.
Weekly buying has already slowed. BitMine bought more than 100,000 ETH in a single week four times in April and May. It bought about 12,500 ETH in each of the two weeks to around 19 October, per Unchained. In the week to 25 October, it spent about $45.9 million repurchasing 2.04 million shares, against about $24.6 million on ETH, per crypto.news.
Staking and On-Chain Signals
On-chain data paints a mixed picture. Demand to stake ETH is strong, and the exit queue is almost empty.
Data accessed 28 October 2026. Staking yields are shown before taxes and costs, which may vary. Past performance is not a reliable indicator of future results.
A NUPL reading close to zero means the average holder is near break-even. Markets have sometimes found a floor around such levels. They have also fallen further when sentiment turned.
Some selling came from old wallets. A wallet from the 2015 ICO sold 1,500 ETH on 26 October, per BlockchainReporter. A wallet linked to the Ethereum Foundation also swapped 2,785 ETH for the USDS stablecoin.
Fed Rate Decision Today and the Macro Backdrop
The Fed raised rates by 25 basis points in September to a range of 3.75% to 4.00%. Most economists expect a hold today. In a Reuters poll cited by Newsquawk, 94 of 100 economists forecast a hold. All 100 expect a hike in December.
Source: Newsquawk, 27 October 2026. CME FedWatch odds are market-implied and can change quickly. Forecasts are not a reliable indicator of future performance.
Rising rates tend to weigh on risk assets such as crypto. A hawkish tone from Chair Warsh at 14:30 ET (18:30 UK) could add pressure. A softer message could ease it. Price swings can widen in the hours after a Fed statement.
Ethereum vs Bitcoin
ETH has lagged Bitcoin this year. The gap widened in October, as the table shows.
Source: 24/7 Wall St., 27 October 2026. Year-to-date figures differ slightly from the Chartrow table below because vendors use different closing prices. Past performance is not a reliable indicator of future results.
On 26 October, spot Bitcoin ETFs took in $110.3 million while Ether funds lost $88.58 million, per TradingNEWS. Some analysts read that split as a rotation inside crypto. Traders often watch the ETH/BTC ratio to judge whether Ether is regaining relative strength.
Ethereum Price History: The Five-Year Picture
Short-term moves look different against a longer record. ETH reached an all-time high of $4,953.73 on 24 August 2025. Its 2026 low was $1,506.51 in June, according to the Admirals ETHUSD analysis. That puts today's price well below the peak, and well above this year's low.
Source: Chartrow, Ethereum returns by year, ETH/USD, calendar years 2021 to 2025 plus 2026 to 27 October. Vendors may differ slightly on closing prices. Annual changes are price changes before taxes and costs, which may vary. Past performance is not a reliable indicator of future results.
The record shows how volatile ETH is. A 67.5% fall in 2022 followed a near fivefold rise in 2021. Swings of this size can work in both directions.
Ethereum Technical Analysis
Ethereum Support and Resistance
Price sits below its 20-day and 50-day averages. It remains above the 200-day simple moving average. The levels below come from several analysts and are reference points only.
Source: Blockchain.News, TradingNEWS, BlockchainReporter, cryptonews.net. Past performance is not a reliable indicator of future results.
TradingNEWS also tracks the 200-day exponential moving average at $2,317.83. That is a different measure from the 200-day SMA at $2,160.04. Price was testing the EMA this week.
Momentum Indicators
Source: Blockchain.News, data as of 07:15 UTC on 28 October 2026. Past performance is not a reliable indicator of future results.
Derivatives and the Options Expiry
Derivatives data shows a crowded long side. On Binance, 74.6% of accounts were long on the morning of 28 October, per Blockchain.News. A crowded position can unwind fast if price drops.
Source: Blockchain.News, cryptonews.net, CryptoTicker. Past performance is not a reliable indicator of future results.
The whale's liquidation levels sit about 7% below the 07:15 UTC price. They are close to the 200-day SMA. A drop into that zone could trigger forced selling. The Ethereum options expiry on Friday adds another source of short-term swings. Large open interest sits at the $2,300 put strike and the $2,600 call strike, per CryptoTicker.
Ethereum Price Prediction: Scenarios and Forecasts
What Banks and Brokers Have Forecast
Bank targets vary widely. Most were set when ETH traded at different levels.
Source: 24/7 Wall St., 7 October 2026, and TradingNEWS, 27 October 2026. Forecasts are not a reliable indicator of future performance.
Analysts at 24/7 Wall St. see a return to $2,700 by 30 November as challenging. That would need a gain of about 15.4% from $2,340, the price they used. In their view, ETH would first need to hold $2,290 and regain the 20-day average, per 24/7 Wall St. They also cite a daily close above the 50-day average of $2,540 before mid-November.
Illustrative Scenarios
The scenarios below are illustrative. They show how the market could react to different triggers. They are not predictions.
Based on levels from TradingNEWS and 24/7 Wall St., 27 October 2026. Forecasts are not a reliable indicator of future performance.
Tailwinds and Headwinds for ETH
Summary of the sources linked in this article.
Key Dates to Watch
Clocks: US Eastern time is UTC minus 4 hours until 1 November and UTC minus 5 hours from then. The UK is on GMT.
Source: Newsquawk, Coinbase release via Tiger Brokers, CryptoTicker, Deribit expiry rules, FedRateCalc. Dates can change.
Two items lack a fixed date. A new Glamsterdam date on Hoodi could come from a future developer call. BitMine posted its latest treasury update on Monday 26 October, per crypto.news. The next one may follow a week later. You can follow the macro releases on the Admirals economic calendar.
How Traders Often Approach Ethereum News
What Traders Often Watch
- Many traders watch whether ETH can close a day above $2,360.
- The $2,290 shelf is a level that markets have tested several times this month.
- Daily ETF flow data from Farside can influence sentiment the next morning.
- BitMine's Monday update shows whether its buying pace is slowing further.
- Developer calls may bring a new Hoodi date or changes to EIP-8037.
- Volatility can rise around Fed decisions and options expiries.
Managing Risk Around Events
ETH can move several per cent in a day. Its 14-day ATR is about $85, or roughly 3.6% of the price. Some traders use smaller positions around big events. Others set stop-loss orders to manage risk. Stop-losses can slip in fast markets, so they do not cap losses in every case.
Earlier this month, our Traders' Blog piece on why ETH kept slipping looked at the role of bond yields. Our guide on how to trade Bitcoin CFDs explains how crypto CFDs work. The same mechanics apply to Ether.
Trading Ethereum CFDs With Admirals
Admirals offers CFDs on cryptocurrencies, including Ethereum, where local rules allow. Crypto CFDs are not available to retail clients in every country, including the UK. A CFD lets a trader speculate on price moves in either direction without owning the coin. CFDs can be traded on MetaTrader 5.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Leverage magnifies gains and losses alike. Crypto prices can also move sharply outside usual market hours, including at weekends. A demo account uses virtual funds. Results may differ from live trading.
The Bottom Line
ETH is caught between slow-moving fundamentals and fast-moving flows. The Glamsterdam delay currently looks like a matter of timing, and the Ethereum Foundation says mainnet users do not need to act. ETF redemptions are shrinking, though they still outweigh BitMine's buying. The Fed decision today and Friday's options expiry may set the tone for the next few sessions. Moves in either direction remain possible.
Frequently Asked Questions
Why is Ethereum down this week?
ETH fell amid continued spot ETF outflows and the postponed Glamsterdam upgrade on the Hoodi testnet, among other factors.
What is Glamsterdam?
Glamsterdam is Ethereum's next hard fork, combining the Amsterdam execution upgrade with the Gloas consensus upgrade, including proposer-builder separation.
Why was the Hoodi testnet upgrade postponed?
Developers want more time to study how EIP-8037 gas changes interact with existing smart contracts on the Ethereum mainnet.
Is the delay a risk to ETH held on mainnet?
The Ethereum Foundation says mainnet users and ETH holders do not need to act, because only a testnet was affected.
How much money left Ethereum ETFs last week?
US spot Ether ETFs recorded net outflows of about $220.6 million in the week starting 19 October 2026.
How much ETH does BitMine own?
BitMine held 6,051,933 ETH as of 25 October 2026, equal to about 4.95% of the total Ether supply.
When might BitMine stop buying ETH?
At about 10,000 ETH a week, BitMine could reach its 5% cap within roughly five to six weeks.
What are the key Ethereum support levels?
Analysts cite $2,290 to $2,300 as first support, with the 200-day simple moving average near $2,160 below.
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