Why Ether Was Stuck Near $2,680 Before Ethereum’s Glamsterdam Test

Ether was trading near $2,680 on Oct. 3 as buyers defended the area around $2,650 while sellers repeatedly capped gains in the $2,775–$2,800 zone. Glamsterdam’s upcoming Sepolia test offered a potential catalyst, but weakening ETF demand and conflicting on-chain signals left the near-term outlook uncertain. 243437

ETH’s range: support near $2,650, resistance below $2,800

The price action looked like consolidation rather than a confirmed breakout. Binance.US recorded an Oct. 3 range of about $2,651 to $2,774, while market reports described $2,650 as support and $2,775–$2,800 as resistance. 2434

A sustained move above that resistance zone would make a retest of $3,000 more plausible in the cited market analyses; it would not guarantee that target. A drop below $2,650, by contrast, would weaken the immediate support case. These are technical levels reported by market observers, not reliable predictions. 3436

Ether was up about 10% over the preceding month but remained roughly 46% below its all-time high, according to one market report. That recent gain provides context for the consolidation, but does not establish that momentum will continue. 34

Whale buying and exchange transfers point in different directions

Some large-holder activity appeared supportive. One report said a whale had accumulated about $208 million worth of ETH over three weeks; another cited analysis said Ethereum whales added roughly 60,000 ETH over a week. 1917

At the same time, a separate report flagged about 125,000 ETH moving to exchanges as a possible source of selling pressure. An exchange transfer can precede a sale, but does not prove that the ETH was sold. The signals therefore show activity on both sides—not a settled verdict on demand. 23

ETF flows and sentiment add caution

Reports also pointed to softer spot-ether ETF demand. One said reported inflows fell from $269.9 million to $17.1 million; a separate tally put Oct. 2 net outflows at about $64.7 million. These figures come from different reports and periods, so they should be read as separate indications of weaker demand, not combined into one flow measure. 2322

A market snapshot also reported that ether’s bullish-to-bearish comment ratio had fallen to 0.89. That is one measure of social sentiment, not a comprehensive gauge of investor positioning. Taken together with the ETF reports, it adds caution to the bullish case, even as some large holders were accumulating. 2517

What Glamsterdam will test—and what it won’t confirm

Ethereum’s Glamsterdam upgrade is scheduled to activate on the Sepolia testnet on Oct. 6, 2026. The planned changes include enshrined proposer-builder separation, block-level access lists intended to support more parallel processing, and gas-pricing changes. The test will let developers exercise these changes on Sepolia; it is not a mainnet launch. 11

Ethereum’s roadmap lists a Q4 2026 mainnet target but says the date has not been confirmed. The Sepolia milestone is therefore a development test, not proof of when—or whether on that schedule—the upgrade will reach mainnet. 1011

The key question: new demand or a shift from bitcoin?

One report said Ethereum whales accumulated about 60,000 ETH over a week while Bitcoin whales reduced holdings by roughly 30,000 BTC. That contrast is consistent with several possibilities, including a shift in holdings between assets, but it does not establish that ETH’s gains came from rotation rather than new demand entering crypto. 17

For the bullish case to strengthen, traders would want to see ETH hold support, clear the resistance zone, and be joined by firmer ETF flows. Until then, the price range and mixed activity data argue for treating the Glamsterdam test as a potential catalyst—not a guarantee of a rally.