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According to PANews, Grayscale, a cryptocurrency asset management company, has submitted a notice to the U.S. Securities and Exchange Commission (SEC) on May 7th to withdraw its Ethereum (ETH) futures ETF application. The SEC was originally scheduled to make a final decision on Grayscale's Ethereum futures ETF on May 30th. Grayscale initially submitted the 19b-4 application for the Ethereum futures ETF on September 19, 2023. If approved, the ETF would have been listed on the New York Stock Exchange.

Ethereum price today: $2,340
Ethereum is trading near its $2,310 average on-chain cost basis, a level that overlaps with the 200-day EMA and the cost basis of wallets holding 1K-10K ETH.US spot ETH ETFs have recorded $1.26 billion in net outflows in October through Monday, close to the $1.42 billion monthly record set in November 2025.ETH could find support at $2,256 if it fails to hold the 200-day EMA.Ethereum (ETH) held steady on Tuesday, consolidating at $2,340, just above $2,300 after last week’s decline. Three measures sit within about $18 of each other: ETH’s realized price at $2,310, the 200-day Exponential Moving Average (EMA) at $2,315, and the $2,328 average cost basis of wallets holding 1K-10K ETH. That overlap is why traders are watching the level, and why a decisive move through it could matter.
$2,310 marks ETH’s average on-chain cost basis
According to CryptoQuant, ETH’s Realized Price, or average on-chain cost basis, is $2,310. It has historically acted as support during downtrends, and ETH has bounced near it several times over the past three days.
Investors may buy near the average cost basis to keep their holdings from falling into losses. A sustained decline below the realized price could accelerate selling as holders cut losses near break-even. For more on how this level has held, see our earlier analysis of ETH’s $2,400 support.
The $2,300 region also contains the $2,328 average cost basis of wallets holding 1K-10K ETH, per CryptoQuant. This cohort has historically been price-sensitive, accumulating when prices trend up and distributing when they decline. Over the past week, its holdings increased by 40K ETH while large holders have also held steady.
ETH ETFs near a record month of outflows
US spot ETH exchange-traded funds (ETFs) continue to weigh on the market. Investors withdrew $88.5 million on Monday, October 26, adding to the $220.6 million in net outflows recorded October 19-23, according to SoSoValue data.
The funds have recorded $1.26 billion in net outflows in October through Monday. That is the second-largest monthly outflow since the products launched, behind November 2025’s $1.42 billion. About $160 million more in outflows before the month ends would make October the largest on record.
US spot BTC ETFs recorded $110.3 million in net inflows on Monday and $202 million in net outflows so far this month. That implies ETH ETFs have lost roughly 6x more than BTC ETFs despite having a smaller market cap relative to Bitcoin.
Ethereum technical outlook: ETH tests the 200-day EMA
ETH futures saw $35 million in liquidations over the past 24 hours, with $27 million from short positions, according to Coinglass data. Shorts led on a day when ETH held steady.
The top altcoin is testing the 200-day EMA near $2,315 again after holding the level on Monday. A daily close below it could bring the support levels at $2,256, $2,204 and $1,971 into focus.
On the upside, ETH faces resistance at $2,355 and the 100-day EMA at $2,362, which held as support earlier this month. Further up are the $2,411 horizontal level and the 20-day and 50-day EMAs at $2,429 and $2,453, respectively. A daily close above this cluster would be needed to ease the bearish tone and open the way toward $2,548 and $2,636.
The 14-day Relative Strength Index (RSI) at 33 and the Stochastic Oscillator (Stoch) at 16 are near oversold territory, which could slow the downside rather than trigger an immediate reversal.
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