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Ethereum (ETH) could fall to $2,000 as key signals such as whale distribution are pointing to a possible downside move for the second-largest crypto by market cap.
At the time of writing, ETH was down 1.37% in the last 24 hours to $2,320 amid a broader market selloff as investors weighed macroeconomic concerns following the Federal Reserve's decision to hold interest rates steady at its October meeting.
According to Ali, Ethereum could drop to $2,000, marking a near 14% decline from its current levels.
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.