Ethereum Slides as Whales Dump $348M and Core Developers Delay Glamsterdam Upgrade
Key Summary
Ethereum dropped 1.37% to $2,320 Tuesday morning after derivative traders and spot market participants reacted to a rejection near the $2,400 price mark. Large wallet addresses offloaded 160,000 tokens worth $348M onto exchanges while core developers delayed the Glamsterdam upgrade indefinitely.
Key Bullets
- Ethereum slid 1.37% to $2,320 Tuesday morning as spot market participants reacted to a rejection near the $2,400 price mark.
- Large wallet addresses offloaded 160,000 tokens worth $348M onto spot venues over the past few days.
- Core developers decided during ACDE #248 to delay the scheduled Glamsterdam network upgrade on the Hoodi testnet indefinitely.
- Technical charts shared by Ali project a deeper price fall toward the $2,000 financial floor if selling volumes remain steady.
Ethereum Dips Below Key Price Levels
Ethereum dropped 1.37% to $2,320 Tuesday morning after derivative traders and spot market participants reacted to a rejection near the $2,400 price mark. On-chain transaction volume topped $100B on October 28, 2026, failing to hold the $2,385 support line. Prices hit an intraday low of $2,290 immediately following the break. Market liquidity thinned out rapidly.
Chart analysis shared by analyst Ali indicated that ETH broke down from a right-angled ascending broadening formation on daily timeframes. The technical pattern projects a deeper fall toward the $2,000 price floor if current selling volumes remain steady. Traders took immediate notice.
Whales Offload Millions Onto Exchanges
Large wallet addresses reduced their holdings by 160,000 tokens, representing more than $348M in transferred assets over the past few days. This heavy distribution directly fueled the downward price momentum across spot venues. Capital fled the asset class.
Exchange reserves grew by 100,000 ETH worth roughly $240M during the same tracking window. This influx of available inventory placed more tokens within immediate reach of active sellers. Order books absorbed the shock.
Glamsterdam Upgrade Postponed Indefinitely
Core developers decided during ACDE #248 to delay the scheduled Glamsterdam network upgrade on the Hoodi testnet, which was previously locked in for October 26, 2026, at 17:42:48 UTC at epoch 132,352. The postponement allows development teams to investigate interactions between EIP-8037 and mainnet smart contracts. Code reviews continue.
The delay scrubbed the planned Amsterdam execution layer activation and Gloas consensus layer activation from the immediate release pipeline. It also shelved the gas-limit schedule that would have raised Hoodi's gas limit to 200,000,000 at epoch execution. Developers promised a revised activation schedule later.
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