Ethereum Stuck in Consolidation as ETF Outflows Rise

Ethereum's price recovery remains uncertain as it nears $2,800 resistance.

The cryptocurrency currently trades around $2,680 after failing to sustain its recovery above $2,800, leaving ETH between weakening short-term institutional demand and increased activity from large holders.

US spot Ethereum exchange-traded funds (ETFs) recorded net outflows of approximately $118 million across three trading sessions ending October 1, contributing to the selling pressure.

Despite this, onchain data suggests some investors are accumulating Ethereum. The network's upcoming Glamsterdam upgrade provides a development catalyst, with activation on the Sepolia testnet scheduled for October 6.