Ethereum Price Drops on Delayed Glamsterdam Testnet Upgrade
Ethereum (ETH) price fell to $2,314.88 on Monday, down more than 100 basis points, underperforming a flat market driven by negative protocol news and continued institutional outflows.
Buying sentiment weakened after ChainSecurity raised critical security concerns that led to the postponement of Ethereum’s Glamsterdam testnet activation on October 22, removing a near-term catalyst.
Concurrently, U.S. spot Ether ETFs recorded $110.5 million in net outflows on October 22, extending a multi-week trend of institutional capital leaving the asset (Yahoo Finance).
The combination of delayed development progress and sustained selling from regulated products created a negative sentiment loop.
Traders said they are watching for a halt in ETF outflows or a new, firm date for the upgrade test. On-chain data shows Ethereum staking experienced a net outflow of 377,100 ETH over the weekend, with principal withdrawals far exceeding deposits.
This coincided with $32.22 million in ETH long liquidations in the derivatives market, indicating leveraged positions were forced to sell.
Crypto analysts said both organic (staking) and speculative (leverage) supply sources contributed to the downward pressure.
ETH is testing its 200-day Exponential Moving Average near $2,318. The immediate technical structure is weak, with the MACD histogram negative and RSI oversold. The next major support is the August low of $2,220.
The trend is bearish below the 200-day average, but oversold conditions could lead to a short-term bounce. A daily close below $2,220 would confirm a breakdown, or a reclaim of the 7-day SMA near $2,396 would signal stabilisation.
Ethereum’s price is being weighed down by a lack of positive catalysts, institutional selling, and weak technical structure. The path of least resistance remains down until it can reclaim key moving averages. Cardano Price Drops to $0.21 as Selloffs Hit Altcoins
