Ethereum is currently trading at $2,617.76, down 2.90% over 24 hours, after dropping to an intraday low of $2,591.71 on Binance. According to TradingView, ETH recorded a session high of $2,725.13 and low of $2,690.40, with the 4-hour chart showing a similar price of $2,718.45. The daily chart shows Ethereum trading roughly 1.4% above the 20-day simple moving average at $2,679.31, with the upper Bollinger Band at $2,808.14 creating a narrow resistance zone around $2,800. The lower Bollinger Band sits at $2,550.49, about 6.2% below ETH, representing the first major downside support level. The daily average directional index reads 41.40, following higher readings during the September advance but declining with the tighter sideways price movement.
Ethereum is currently trading near $2,730 after POAP founder Patricio Worthalter moved 4,000 ETH worth $10.79 million to Gemini. According to Lookonchain, the transfer occurred roughly eight hours before their post on October 5, while Ember reports that Worthalter still controls 54,967 ETH valued near $149 million following the transaction. The movement shows ETH moving onto a centralized exchange but does not confirm a sale, as no transaction data reviewed establishes whether the coins were sold into the market. Another large holder deposited 13,330 ETH worth roughly $36.37 million into Coinbase during the same period, with both transfers occurring separately from Worthalter's Gemini deposit.
US spot Ether ETFs lost $201.9 million on October 6, marking their biggest daily outflow in 3 weeks and extending a 6-day streak. According to SoSoValue, the streak began on September 29 and has pulled $407.8 million from the funds, representing the longest outflow run since a 9-day stretch from June 17 to 30. Bitcoin ETFs recorded net inflows of $118.9 million on the same day, highlighting the altcoin-specific weakness. CoinGlass data showed $164.88 million in ETH long positions liquidated over 24 hours, compared with $10.22 million in short positions, as the decline triggered significant leveraged liquidations. CryptoQuant's Coinbase Premium Index has stayed below zero since early September, now reading -0.007, while the validator exit queue held zero ETH in mid-September but now stands at 837,187 ETH.
Crypto analyst Ted Pillows warned of a potential pullback before the latest decline, with his chart marking first support between $2,547 and $2,565, noting that losing it would open a path toward roughly $2,190. The 4-hour Chaikin Money Flow indicator reads 0.18 after recovering from negative territory, reflecting a positive balance of volume-weighted buying pressure. The 4-hour chart retains a previous red Supertrend level at $2,737.71, with recent candles remaining below that area, giving traders an intermediate reference before the larger $2,780–$2,800 zone. A sustained move beyond the recent peak and $2,800 band would extend the September recovery, while losing $2,679 would shift focus toward the lower support levels. October 7 ETF data will reveal whether Ethereum's outflow streak extends to a seventh consecutive session.
POAP announced plans in August to wind down after more than five years of operations, with co-founder Isabel Gonzalez citing crypto funding cycles, distribution models and difficulty building on fast-changing technology as key factors. The project had produced nearly 7.6 million collectibles through more than 46,000 issuers before the wind-down announcement, with adoption by groups including Coinbase and American Express. Worthalter's exchange deposit comes roughly two months after the POAP shutdown announcement, though no statement from him has linked the October 5 Gemini transaction to the company's wind-down. Ethereum faces another test with the Glamsterdam upgrade scheduled for October 6, which will activate on the Sepolia testnet at 13:53:36 UTC, combining changes to Ethereum's execution and consensus layers including enshrined proposer-builder separation and block-level access lists.
