Ethereum has experienced a 1.37% drop over the last 24 hours to $2,320, influenced by widespread market sell-offs. This downturn follows the Federal Reserve’s decision to maintain interest rates in its October meeting, prompting investors to reassess macroeconomic risks. As the second-largest cryptocurrency by market capitalization, Ethereum’s immediate outlook remains under pressure.
Whale Transactions and Exchange Balances Raise Concerns
Cryptocurrency expert Ali forecasts that Ethereum’s price may fall to $2,000, a further 14% decline from the current levels. Ali’s prediction is based on both recent on-chain data and price movements.
Ali notes, “Large investors have reportedly sold approximately 160,000 ETH recently, with exchange holdings increasing by 100,000 ETH, potentially intensifying selling pressure.”
On October 28, 2026, Ethereum failed to maintain gains around $2,400. That same day, network transaction volume exceeded $100 billion. Following this rejection, Ethereum slipped below $2,300, touching $2,290 during the day. The sell-off by major wallet holders—totaling 160,000 ETH—equates to an unwinding of around $348 million.
Additionally, Ethereum held in exchanges has risen by 100,000 ETH, valued at approximately $240 million. This increase suggests greater readiness for selling. Analysts indicate that rising exchange balances often exert additional short-term price pressure.
Technical Indicators Signal Continued Weakness
Ali considers Ethereum’s dip below $2,385 a critical short-term development. According to the analyst, the structure seen on daily charts suggests a downward shift. If the selling pressure persists and Ethereum remains below $2,385, the possibility of a drop to $2,000 remains on the table.
The analyst remarks, “Should the selling pressure continue and exchange balances remain high, a further retreat to $2,000 for Ethereum is conceivable.”
Glamsterdam Update Faces Delay
Ethereum is dealing not only with price fluctuations but also with changes in its technical schedule. The Glamsterdam update, initially planned for deployment on the Hoodi test network at 17:42:48 UTC on October 26, 2026, has been postponed. A new activation date has yet to be announced. Hoodi serves as a test network for Ethereum’s development processes.
Core developers decided on this delay at the ACDE #248 meeting to conduct a more detailed review of EIP 8037’s interaction with mainnet smart contracts. As a result, the planned timeline that would have raised Hoodi’s gas limit to 200 million alongside the Amsterdam execution layer activation and Gloas consensus layer activation was scrapped. An updated Hoodi timeline will be announced separately in the future.
