Ether Dips Below $2,400 as ETF Outflows Persist for 13 of 14 Sessions

Ether (ETH) fell 0.75% in the latest 24-hour session, briefly moving below $2,400 as U.S. spot Ether exchange-traded funds extended a broader run of net outflows.

The period ended at 8 p.m. ET Friday (00:00 UTC Saturday). ETH reached $2,393.20 before finishing at $2,423.54, putting the low below the $2,400 mark and the close back above it.

U.S. spot Ether ETFs recorded net outflows in 13 of 14 trading sessions from Sept. 29 through Oct. 16. Oct. 13 was the only session with net inflows during that stretch. The pattern is covered in an earlier update on Ether ETF flows through Oct. 16.

ETF net flows reflect fund-level creations and redemptions. They do not mean every investor sold ETH, and they do not establish what drove the price move. The reserve figure and ETF flows track separate measures: one counts balances in exchange wallets, while the other captures activity at funds.

Over three weeks, balances in tracked exchange wallets increased by roughly 290,000 ETH, reaching a high last seen on Sept. 10. Exchange reserves measure ETH balances in wallets identified as belonging to exchanges. A higher recorded balance does not show whether holders intend to sell or have placed sell orders.

Real Vision CEO Raoul Pal called ETH “wildly undervalued” in remarks released Oct. 15. In a hypothetical Ethereum shutdown, Pal estimated that 70% to 76% of stablecoins and a similar share of decentralized finance activity could be affected. He attached an estimated $1 trillion to $1.5 trillion in value to that scenario; those figures describe hypothetical exposure, not realized losses or an ETH price target.

Trader Ted Pillows identified $2,350 as support and said a weekly close above $2,550 would signal to him that a bottom was in. “If ETH manages a weekly close above $2,550, it'll be a sign that the bottom is in,” he wrote. The $2,550 level is part of Pillows’ technical view; the relevant next check in that view is whether ETH closes a week above it.