The outlook comes after Ethereum rejected near $2,400 on October 28, 2026, when its on-chain transaction volume topped $100 billion. This rejection sent Ethereum below $2,300, reaching an intraday low of $2,290 at press time.
Ali noted that whale holdings may help explain the weakness. Over the past few days, large holders, or whales, have reduced their positions by roughly 160,000 $ETH, worth more than $348 million. That distribution could be contributing to the downward pressure on price.
The crypto analyst noted that at the same time, Ethereum held on exchanges has risen by 100,000 $ETH, worth roughly $240 million. This puts more $ETH within reach of sellers, potentially adding to downward pressure.
Adding further to the short-term bearish outlook, Ali added that $ETH has lost the $2,385 support level and appears to have 'broken down from a right-angled ascending broadening formation on the daily chart. If selling pressure persists, the pattern points to a move to $2,000 as long as Ethereum remains below $2,385 and exchange balances stay elevated.
Ethereum Glamsterdam Faces Delay
The Glamsterdam upgrade on Hoodi, previously scheduled for October 26, 2026 at 17:42:48 UTC (epoch 132,352), was postponed and a new activation date has not been set.
Core developers decided on ACDE #248 to delay the previously scheduled Glamsterdam network upgrade on the Hoodi testnet to allow for further investigation of interactions of EIP-8037 with mainnet smart contracts.
The delay removes the scheduled Amsterdam execution layer activation and Gloas consensus layer activation. It also removes the gas-limit schedule that would have raised Hoodi's gas limit to 200 million at the same epoch. A revised Hoodi activation schedule is expected to be announced separately.
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