Ethereum Breaks $2,600 as Glamsterdam Testnet Nears

The rally also comes after a strong September for Ethereum spot funds, which drew $832 million of inflows, second only to Bitcoin ETFs, according to SosoValue data cited by The Crypto Times. But the latest daily print was less supportive, with $59.6 million of outflows on Sept. 30, led by Fidelity’s FETH and the Grayscale Ether Mini Trust. That matters because the breakout occurred without fresh ETF sponsorship, leaving the move more dependent on traders than on durable institutional demand.

Technically, the next test is whether ETH can reclaim and hold above $2,800, a level that would suggest the breakout is broadening rather than stalling. The token is still about 45% below its record high near $4,946 and roughly 38% lower year on year, so the longer-term valuation reset remains incomplete even after a 12% monthly gain. The market is also watching whether the 50-day and 200-day moving averages can continue to act as support rather than becoming overhead resistance again after a year of heavy volatility.

The catalyst risk-cutting both ways is Glamsterdam, which developers are due to begin testing on Sepolia on Oct. 6. The upgrade is expected to prepare Ethereum for higher capacity and a rework of data-fee calculation, reinforcing the case that the network is still improving its throughput economics. Bulls see that as justification for a higher multiple on the asset; bears argue that Ethereum’s $330 billion market value limits how much a software milestone can move price on its own.

For investors, the key question is not whether Ethereum can rally in a vacuum, but whether the upgrade narrative can sustain buying once the initial breakout chase fades. If spot ETF flows turn positive again and the network upgrade lands cleanly, the path to $3,000 opens. If flows stay mixed and momentum cools, the breakout risks becoming another short-lived move in a market already priced for optimism.