Ethereum (ETH) is trading near $2,367 on Oct. 24, clinging to a rising trendline that has held since the summer low after a fresh dip pulled the price back to a key support area. The session followed a return to inflows for U.S. spot Ether ETFs and a delay to the Glamsterdam upgrade's testnet activation over security concerns tied to EIP-8037.

The token opened the day around $2,384 and slipped to roughly $2,356 before mounting a small recovery, leaving it down about 0.7% when the chart was captured. The decline extends a pullback from a late-September high near $2,800. Even so, the broader recovery that began in June has not fully broken down, and ETH is sitting almost directly on the rising trendline that has supported the market since the summer low.

Analyst Ted Pillows said ETH is now at the $2,350 support zone. He warned that a daily close below that level could send Ethereum toward $2,200-$2,250.

$ETH is now at the $2,350 support zone. A daily close below this could dump Ethereum towards $2,200-$2,250. pic.twitter.com/UYG5RF93bu
— Ted (@TedPillows) October 24, 2026

Chart Analysis

ETH is sitting right on the line that bulls need to defend. The $2,330-$2,380 zone combines the rising trendline with former resistance from the mid-$2,300s, putting several technical levels in the same area. If buyers can hold that band, a bounce toward $2,450-$2,500 remains on the table.

Short-term momentum still leans bearish on the daily timeframe. The relative strength index stands at 37.18, close to oversold territory but still above the 30 threshold, while the MACD line, near -50.4, sits below its signal line at -40.9. The $2,350 level is now the one to watch, since a clean break below it could open the way toward $2,250-$2,300.

On the upside, ETH would need to reclaim $2,500 first, followed by $2,600 and the $2,700-$2,800 area.

ETFs Return to Inflows

U.S. spot Ether ETFs recorded $4.4 million in net inflows on Oct. 23, ending the $110.6 million in withdrawals recorded the day before. Fidelity's FETH led the way with $3.6 million, while Morgan Stanley's MSSE added about $800,000.

The gain is modest against the recent backdrop. About $220.7 million left the funds over the five sessions through Oct. 23, and the past 30 trading days produced more than $1 billion in net withdrawals.

Even so, the products remain a substantial presence in the Ether market. The funds, which began trading in July 2024 and hold Ether directly, give brokerage accounts exposure to the asset without wallets or crypto exchanges, and their daily flows are closely watched as a result. They hold about 5.9 million ETH, or roughly 4.8% of circulating supply, and cumulative net inflows since launch stand near $12.75 billion.

On-Chain Activity and the Glamsterdam Delay

Network use remains high despite the price weakness. Ethereum carries about $49.2 billion in DeFi total value locked and around $143.5 billion in stablecoins, and it logged more than 540,000 active addresses and roughly 1.89 million transactions over the past day.

Liquidity conditions, however, are softening across the ecosystem. Stablecoin supply slipped about 0.6% over the past seven days, and weekly DEX volume fell roughly 13%. ETH supply grew by about 86,800 ETH over the last 30 days, as issuance continued to outpace burns.

Staking also shapes the supply picture. About 43.8 million ETH sits in the active validator balance, and Bitwise data put roughly 36% of total supply in staking at the end of the third quarter.

Developers have postponed the planned Oct. 26 Glamsterdam activation on the Hoodi testnet after researchers identified possible problems with EIP-8037 and how it interacts with existing smart contracts. Glamsterdam is the codename for Ethereum's next planned network upgrade, and EIP-8037 — an Ethereum Improvement Proposal that targets state growth by raising the gas cost of operations that create new state — is part of its planned scope. Testnet activations of this kind serve as the final public rehearsal before a mainnet deployment. The Ethereum Foundation said more time is needed to address the concerns, and no new date has been set for the rescheduled activation, leaving the upgrade's testing timeline on hold until developers announce a replacement. The delay affects testing only and does not impact the Ethereum mainnet.