I. Ethereum Market Trend Analysis
As of October 24, 2026, Ethereum is currently priced at $2,366.79, down approximately 1.6% over the past 24 hours. The price has fluctuated within a narrow range of $2,363 to $2,375, with overall performance weaker than Bitcoin. On the hourly candlestick chart, the five most recent candles show a slight downward drift followed by stabilization. Trading volume has gradually contracted from peak levels of tens of millions of dollars per hour to approximately $4.9 million, indicating strong wait-and-see sentiment. Selling pressure is easing, but buyers are likewise showing little appetite to push prices higher.
The moving-average system is exerting broad pressure on Ethereum's price. The 7-period moving average is at $2,370.91, the 25-period moving average at $2,387.42, and the 99-period moving average at $2,422.53. The price is below all moving averages, while the short- and medium-term averages continue to diverge downward, signaling a clear bearish trend. The exponential moving averages are similarly bearishly aligned: the 7-period EMA is $2,371, the 25-period EMA is $2,383, and the 99-period EMA is $2,408. The price is more than 2% below the 99-period EMA, making a medium-term recovery difficult.
II. Technical Indicator Analysis
The MACD indicator continues to weaken. The current MACD line is -8.93, the signal line is -8.14, and the histogram is -0.79. Although the histogram's absolute value has narrowed, shrinking from -1.21 in the previous period to -0.79, it remains in bearish territory, with no clear reversal signal yet. A short-term bottom can only be confirmed once the histogram turns positive and continues to expand.
The RSI indicator is showing signs of an oversold rebound. The 6-period RSI has recovered from 28.56 to 40.73, moving out of deeply oversold territory. The 12-period RSI is 40.03, and the 24-period RSI is 41.73; short-, medium-, and long-term RSI readings are all recovering moderately. However, the RSI overall remains in weak territory below 50, indicating that although buying strength is returning, buyers have yet to take control.
For the KDJ indicator, K is 37.03, D is 38.21, and J is 34.66. The three lines are converging in the lower range, with no clear bullish crossover yet, so the next directional move needs to be monitored. The Bollinger Bands show the price nearing the lower band at $2,356; the middle band is at $2,382, and the upper band is at $2,408. The price has found some support near the lower band, but the bands are still widening, meaning volatility risks have not yet fully subsided.
III. Market Sentiment Analysis
Ethereum is facing the combined impact of several negative factors. First, prominent investor Arthur Hayes liquidated more than $22 million in altcoin holdings, including Ethereum, citing a worsening macro environment and geopolitical tensions in the Middle East. This move dealt a significant blow to market confidence and triggered follow-on selling. Second, activation of the Hoodi testnet for Ethereum's Glamsterdam upgrade has been delayed due to risks in how EIP-8037 interacts with existing smart contracts under the new gas calculation rules. This delay has dashed expectations for a December mainnet upgrade, weakening a near-term network catalyst.
On-chain data shows that a whale address transferred out a net total of more than 8,000 ETH within an hour, worth over $25.6 million, adding to short-term selling pressure. In addition, DeFi staking protocol Swell has suspended deposits and withdrawals for swETH and rswETH, raising concerns about ecosystem security. Overall, Ethereum has technical support in the $2,350–$2,360 range, but faces significant resistance at the $2,400 round-number level. Ethereum is likely to continue trading weakly within a range in the short term; a trend reversal will require clearer upgrade progress and an improved macro environment.
Hot Tokens at a Glance:
BMT (Bubblemaps): Current price $0.03540, up 41.43% over 24 hours, with funds flowing in after its listing on a South Korean exchange.
TREE: Current price $0.0504, up 26.63% over 24 hours, with community interest continuing to rise.
ERA: Current price $0.0865, up 15.64% over 24 hours, with a significant increase in trading volume.
#以太坊Glamsterdam升级推迟 #Arthur Hayes liquidates altcoin holdings #DeFiSecurityDrawsAttention