Ethereum Price Prediction: Can ETH Recover to $2,600?

Ethereum is struggling to regain momentum after losing approximately 12% of its value during October, leaving investors watching whether the second-largest cryptocurrency can hold above $2,300 or face another wave of selling.

ETH traded around $2,350–$2,370 on October 24, well below the month's opening price of approximately $2,684. Despite repeated recovery attempts, the cryptocurrency has struggled to sustain gains above $2,500.

However, a modest improvement in institutional fund flows provides a potential opening for buyers, even as the broader technical picture remains fragile.

Why Ethereum Is Struggling to Recover

Ethereum's October decline has been accompanied by persistent withdrawals from U.S. spot exchange-traded funds.

According to daily ETF flow data, the funds recorded approximately $671 million in net withdrawals over the latest 30 trading sessions, with outflows on 19 of those days.

However, October 23 brought approximately $4.4 million in net inflows, led by Fidelity's FETH, which attracted around $3.6 million.

The reversal is relatively small compared with earlier withdrawals, but it suggests institutional selling pressure may not remain constant.

Coinpaper recently examined how BlackRock's fund withdrawals contributed to Ethereum's weakness ahead of the Federal Reserve's October 28 meeting.

Meanwhile, corporate buying has continued. BitMine reported holding approximately 6.04 million ETH on October 19, approaching its stated objective of acquiring 5% of Ethereum's circulating supply.

That accumulation strategy provides a counterweight to ETF selling, although it has not prevented Ethereum's recent decline.

Ethereum Price Prediction: What Would Trigger a $2,600 Rally?

A sustained Ethereum recovery would likely require buyers to reclaim the $2,400 level before challenging the more significant resistance area around $2,490–$2,550.

The 20-day moving average recently stood near $2,491, while the 50-day average was approximately $2,548, according to October 24 market analysis.

A convincing breakout above those levels could bring $2,600 into focus, followed by $2,700 if market conditions improve.

The bullish scenario would represent an advance of approximately 10% from a $2,360 reference price.

Coinpaper previously highlighted how Citi's $3,028 forecast offers a more optimistic 12-month outlook, although that forecast should not be confused with a short-term target.

Ethereum's upcoming Glamsterdam testnet milestone may also attract attention.

The October 26 Hoodi activation is designed to test a 200-million gas limit, marking another step in Ethereum's scaling roadmap rather than a confirmed mainnet launch.

Successful testing could improve confidence in network development, but it would not automatically generate buying demand for ETH.

Could Ethereum Fall Below $2,300 Instead?

The bearish scenario centers on the $2,300–$2,313 region, which buyers defended during multiple October declines.

ETH reached approximately $2,313 on October 15 and $2,325 on October 18 before rebounding, making these levels important historical reference points.

A sustained breakdown could expose the $2,150–$2,200 region, particularly if institutional withdrawals accelerate or the broader cryptocurrency market weakens.

A decline from $2,360 to $2,150 would represent approximately 9% additional downside.

The downside risk was also examined in Coinpaper's recent sub-$2,000 scenario, which described how a more severe breakdown could expose deeper support.

Earlier Glamsterdam price analysis likewise identified institutional demand and sustained trading above $2,500 as important recovery conditions.

For now, Ethereum remains caught between improving long-term network fundamentals and weakening short-term market momentum. Reclaiming $2,500 would strengthen the bullish case, while losing $2,300 could shift attention toward a deeper correction.