Ethereum Stuck at $2,800 as ETF Outflows Rise
Ethereum's price continues to hover around $2,680, struggling to break above the $2,800 resistance level. Despite recent ETF outflows of approximately $118 million, on-chain data suggests that some investors are accumulating Ethereum.
The upcoming Glamsterdam upgrade, set to activate on the Sepolia testnet on October 6, is expected to improve Ethereum's Layer 1 efficiency and scalability. However, a successful testnet deployment does not automatically guarantee additional demand for ETH.
On-chain activity indicates that large transactions have increased as ETH approaches $2,800, while previously inactive wallets have started moving coins again. This could provide support for the price, but buyers still need to demonstrate demand can overcome selling pressure near $2,800.