Ethereum Price Warning Issued as Whales Offload Holdings

Ethereum could potentially fall to $2,000 as key indicators, including significant whale distribution, point toward further downside momentum for the second-largest cryptocurrency by market capitalization. At the time of writing, ETH traded down 1.37% over a 24-hour period to $2,320 amid a broader market selloff.

Investors have been weighing ongoing macroeconomic concerns following the Federal Reserve's decision to hold interest rates steady at its October meeting. According to analyst Ali, Ethereum could experience a near 14% decline from current levels, targeting the $2,000 mark if bearish conditions persist.

On-Chain Metrics and Support Levels

The negative outlook follows a rejection near $2,400 on October 28, 2026, when on-chain transaction volume surpassed $100 billion. This rejection pushed Ethereum below $2,300, hitting an intraday low of $2,290.

Large holders, commonly referred to as whales, have reduced their positions by approximately 160,000 ETH, valued at over $348 million, contributing to downward price pressure. Concurrently, exchange balances for Ethereum rose by 100,000 ETH, worth roughly $240 million, placing more supply within reach of sellers.

Technical analysis indicates that ETH has lost the $2,385 support level after breaking down from a right-angled ascending broadening formation on the daily chart. Maintaining a position below this threshold alongside elevated exchange balances keeps the potential move to $2,000 active.

Hoodi Testnet Upgrade Postponed

In development news, the Glamsterdam upgrade on the Hoodi testnet, previously scheduled for October 26, 2026, has been postponed without a new activation date set. Core developers decided during ACDE #248 to delay the upgrade to allow for further investigation into how EIP-8037 interacts with mainnet smart contracts.

The delay removes the scheduled Amsterdam execution layer activation and the Gloas consensus layer activation. It also suspends the gas-limit schedule that aimed to raise Hoodi's gas limit to 200 million at the designated epoch, with a revised activation schedule expected to be announced separately.