eth

$ETH price has fallen more than 2% to around on October 29, as continued withdrawals from U.S. spot Ethereum exchange-traded funds (ETFs) have coincided with weakness across the crypto market.
U.S. spot Ethereum ETFs recorded $21.41 million in reported net outflows on October 28, their third consecutive session of withdrawals, according to SoSoValue. BlackRock’s iShares Ethereum Trust (ETHA) accounted for $44.83 million in outflows, while inflows into other funds offset some of the losses.
Meanwhile, the selling followed a difficult week for ETH, which briefly touched $2,293.44 before recovering above $2,300. Bitcoin declined 1.66% during the same 24-hour period, while the total cryptocurrency market capitalization fell approximately 1.7%.
Why is Ethereum price falling today?
Ethereum’s latest decline coincided with another round of institutional fund withdrawals. SoSoValue data showed that investors withdrew $88.58 million from spot ETH ETFs on October 26, followed by $60.22 million on October 27 and another $21.41 million on October 28.
Across the three sessions, the funds recorded approximately $170.21 million in combined net outflows. The October 28 figures placed cumulative net inflows since launch at $12.55 billion, with total ETF net assets valued at $14.27 billion and daily trading volume reaching $480.72 million.
BlackRock’s ETHA contributed heavily to the latest withdrawals. However, the positive flows recorded by competing funds showed that investor activity was not entirely one-sided.
As previously reported, Ethereum ETFs lost approximately $320.1 million during October 12–16, compared with $228.4 million withdrawn from Bitcoin ETFs. BlackRock’s ETHA accounted for nearly $299 million of those Ethereum fund withdrawals.
Market conditions have remained unfavorable since then. ETH traded below its seven-day moving average of $2,354 and its 30-day moving average of $2,498, while Bitcoin’s decline coincided with weakness across other major cryptocurrencies.
Ethereum price tests $2,300 as technical indicators remain bearish
Ethereum traded near $2,320 on October 29, according to the TradingView daily chart, after briefly falling to $2,300. The cryptocurrency has struggled to recover from its late-September high near $2,800, recording a series of lower highs during the following weeks.
Technical indicators continued to favor sellers. The Moving Average Convergence Divergence (MACD) line stood at -57.69, below the signal line at -51.75, while the histogram remained negative at -5.94.
Meanwhile, the Money Flow Index (MFI) recovered to 50.35 after briefly entering oversold territory. The reading placed the indicator close to neutral, although the recovery did not establish a confirmed change in ETH’s price trend.
Immediate support lies between $2,290 and $2,300. A sustained move below this area could expose Ethereum to $2,200, followed by another support level around $2,100. On the upside, buyers would need to reclaim $2,400 before attempting another move toward $2,500.
An October 27 Ethereum price analysis similarly identified $2,300 as a closely watched level after ETH traded near the lower Bollinger Band.
Ethereum whales sell $348 million as exchange balances rise
Ethereum’s recent price weakness has coincided with selling activity among large holders, with on-chain data showing that whales reduced their holdings by approximately 160,000 ETH, worth more than $348 million, over the past few days.
During the same period, whale wallets reportedly reduced their holdings by around 160,000 ETH. Meanwhile, the amount of Ethereum held on cryptocurrency exchanges grew by approximately 100,000 ETH, valued at $240 million. The increase placed more tokens on trading platforms, although the figures do not establish whether those holdings have been sold.
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