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ETH ETH still needs to recover the $2,800 mark.
CoinCodex's historical data shows that ETH closed close close to $2,687 on October 4, after briefly touching $2,765 the day before. That puts Ethereum back into familiar territory: $2,800 is still a level that bulls have repeatedly failed to convert into support.
Our Ethereum breakthrough analysis points to $2,700 to $2,800 as a key area to distinguish consolidation from a larger offensive towards $3,000. This structure remains in effect. If ETH can stabilize above $2,700 and eventually close above $2,800, the next major target will be around $3,000. If rejected, US$2,600 to US$2,650 would become the first meaningful support area.
The flow of ETF funds is the bigger problem.
One obstacle is weakening institutional demand. According to data from Farside Investors, the U.S. spot Ethereum ETF experienced consecutive net outflows in the three trading days ending October 2, including $59.6 million on September 30,$55.4 million on October 1, and $17.3 million on October 2. This contrasts with the strong demand observed at the beginning of the quarter and adds pressure to ETH's efforts to extend its gains.
Coinpaper recently tracked the same divergence in the flow of Ethereum ETF funds, with ETH funds turning back into net outflows, although Bitcoin products performed more solidly.
Glamstam upgrade brings new catalyst to ETH
Traders focus on more than just technical aspects. Ethereum's next major upgrade,"Glamstam", is scheduled to be activated on October 6 on the Sepolia test network. The upgrade focuses on Layer-1 expansion, block building and more efficient Gas pricing, with mainnet activation expected later in the fourth quarter.
Coinpaper's Glamsburg price setting has linked this upgrade to the possibility of ETH returning to US$3,000, provided technical resistance is breached.
