Ether (ETH) fell to about $2,360 on Sunday, retesting a key support zone after pulling back from its October 5 peak of $2,726. U.S.-listed exchange-traded funds (ETFs) saw continued outflows over the same period.
Key points
Ether price at about $2,360 on Sunday… down from its October 5 peak of $2,726.
U.S. spot Ether ETFs saw $954.8 million in net outflows from October 1 to 16.
A daily close below $2,360 could lead to another test of the $2,200 range.
Ethereum Price Trends
Ether traded at around $2,364 as of Sunday afternoon, down about 1.6% from 24 hours earlier. The second-largest cryptocurrency by market capitalization slid into an area considered a “demand zone” between $2,360 and $2,440. The daily chart shows this zone coinciding with the lower channel of a broader rising wedge pattern, while a series of progressively lower highs also signals that selling pressure remains dominant. The token has been in a correction since peaking at around $2,726 on October 5.
There are no clear signs of relief on the supply-and-demand front either.
From October 1 to 16, U.S. spot Ethereum ETFs saw net outflows of $954.8 million. October 13 was the only day in that period to record net inflows, and even then, the amount was just $24.8 million. **BlackRock**’s iShares Ethereum Trust saw $69.7 million leave on October 16 alone, accounting for all outflows that day. It also made up $223.9 million of the $259.5 million in outflows over the last three trading days. As a result, the funds’ net assets fell to around $14.95 billion.
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Technical Analysis and Price Targets
Chart analysts say the rebound scenario toward the $2,670–$2,740 range will gain credibility only if buyers first reclaim the $2,440 level and then break through resistance in the $2,500–$2,560 range. Conversely, a daily close below $2,360 would undermine the current structure and raise the likelihood of a drop toward $2,200. Liquidation data shows a concentration of large long-position liquidations around that level.
Analyst **Alejandro Arrieche** offered a more optimistic outlook on October 16. Calling $2,400 a “key floor,” he said Ether could target a retest of $2,800 if buying momentum recovers. He stressed that a break above $2,600 would confirm the recovery. Macro investor Jordi Visser also said on a podcast that Ether, alongside Bitcoin (BTC), remains a relatively resilient asset in the crypto market.
October Market Volatility
Developers are currently preparing Ethereum’s “Glamsterdam” upgrade. The upgrade aims to increase block capacity to a gas limit of around 200 million. Following its first testnet deployment on October 6, it is scheduled to move to a second test network later this month. However, analysts caution against excessive optimism, noting that increased throughput does not guarantee an immediate price rise.
The latest decline is also part of a turbulent October for Ethereum. Ether briefly fell to around $2,313 on October 15 before closing near $2,439, then dropped again to around $2,391 the following day. Support near $2,360 has held through several tests since then, but each rebound has shown less momentum. Data as of October 17 shows that despite gaining 29.3% over the past 90 days, Ethereum remains down 18.4% year to date.
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