ETH Holds a Key Trendline as Glamsterdam Upgrade Faces Delay

• ETH trades near $2,367, with $2,350 support crucial to preventing a deeper decline.
• Ethereum spot ETFs recorded $4.4 million in inflows, reversing the previous day's $110.6 million outflow.
• Glamsterdam's testnet activation faces delays, while ETH targets $2,500 resistance amid bearish momentum.

ETH is facing a critical test as sellers push prices toward rising support. On October 24, ETH traded near $2,367 after falling from September's $2,800 high. Buyers now need to defend the trendline that has supported recovery since June. Meanwhile, renewed ETF inflows offer a small boost after heavy withdrawals. The delayed Glamsterdam upgrade adds another concern, leaving traders watching technical levels and network developments closely.

https://twitter.com/TedPillows/status/2113934867058897171

Ethereum Price Analysis: Can ETH Defend $2,350 Support?

Ethereum traded near $2,367 after opening around $2,384. The price briefly touched $2,356 before recovering slightly. ETH remains close to an ascending trendline that connects with the June recovery. Analyst Ted Pillows identified $2,350 as a crucial support level. A daily close below that mark could expose $2,200 to $2,250. Such a move would weaken the recovery structure and invite further selling. The $2,330 to $2,380 zone offers immediate support. This area combines the rising trendline with previous resistance near $2,300.

Buyers must defend the zone to keep the bullish momentum alive. A successful rebound could send ETH toward $2,450 to $2,500. However, momentum indicators still favor sellers. The daily RSI stands at 37.18, approaching oversold territory without crossing below 30. Meanwhile, the MACD line sits near -50.4, below the signal line at -40.9. These readings suggest bearish pressure remains strong. A clean break below $2,350 could expose $2,250 to $2,300. On the upside, ETH must reclaim $2,500 before challenging $2,600. Further resistance sits between $2,700 and $2,800.

Glamsterdam Delay Adds Uncertainty as Network Activity Remains Strong

ETH continues to support substantial on-chain activity. The network holds approximately $49.2 billion in DeFi total value locked. Stablecoin holdings stand near $143.5 billion. Daily activity includes over 540,000 active addresses and 1.89 million transactions. However, liquidity indicators show signs of weakening. Stablecoin supply fell 0.6% over seven days, while weekly DEX volume declined 13%.

ETH supply also increased by approximately 86,800 tokens over 30 days. Meanwhile, around 43.8 million ETH sits in active validator balances. Bitwise data showed roughly 36% of total supply staked at September's end.Developers postponed the October 26 Glamsterdam activation on the Hoodi testnet. Researchers identified potential issues involving EIP-8037 and existing smart contracts.

The Ethereum Foundation needs additional testing time, and developers have announced no replacement date. The delay affects testnet preparations, not Ethereum's mainnet operation. Still, traders may watch future upgrade updates for signs of progress. For now, ETH needs to defend $2,350 and reclaim $2,500. A breakdown could expose lower support, while a rebound may restore confidence.