Ethereum (ETH) has dropped to the $2,600 range amid shrinking risk-asset investment sentiment driven by rising international oil prices and U.S. Treasury yields. While the price faces short-term pressure, spot exchange-traded fund (ETF) fund flows and the network upgrade schedule are drawing attention as separate variables.

■ Falls to $2,657... 30-Day Realized Volatility at Highest Since March

According to a market analysis by CryptoFeedNews posted on the CoinMarketCap community, Ethereum recently fell to around $2,657. The interpretation is that rising oil prices and Treasury yield movements are weighing on risk assets overall, including virtual assets.

Price volatility has also expanded. The analysis explained that Ethereum's 30-day realized volatility rose to 0.73, reaching its highest level since March. Meanwhile, September's cumulative return was presented at 6.94%, making it difficult to judge the entire monthly trend based on short-term declines alone.

■ Spot ETF Inflows for 4th Consecutive Trading Day... BlackRock's ETHA Net Assets at $9.7 Billion

Institutional fund flows are also a focus of interest. According to the material, funds flowed into Ethereum spot ETFs for four consecutive trading days, and the net assets of BlackRock's Ethereum spot ETF, ETHA, stand at around $9.7 billion. The fact that ETF fund flows continue even during a price correction phase is why the market is paying attention.

■ Network Upgrade Schedule a Separate Variable

According to the material, the relevant Ethereum upgrade is scheduled for testing on the Sepolia testnet on October 6 and the Hoodi testnet on October 27, with mainnet deployment targeted before the end of Q4 2026.

■ Technical Watch: Support at $2,459, Upper Level at $2,940

In terms of technical trends, the $2,459 level below the current price was cited as a key price zone to watch. Analysis indicated that the 200-week moving average is located at that level, and if further corrections occur, whether the price holds that level could serve as one of the criteria for assessing the mid- to long-term trend. Conversely, if the price rises again, the $2,940 level was presented as the next key price zone. However, this is merely an observation range presented in technical analysis and does not mean the actual price will rise to that level.

■ Remaining Points to Watch

Ultimately, Ethereum has entered a phase where, while influenced by macroeconomic variables such as oil prices and Treasury yields in the short term, ETF fund flows and the network upgrade schedule must also be monitored together. In particular, alongside price movements around $2,657, whether the 200-week moving average near $2,459 actually acts as support in the event of further declines is cited as a key variable for judging the short-term trend.

[This article is informational content based on publicly available market data and technical analysis, and is not investment advice. Virtual assets are highly volatile, and technical price levels and market outlooks do not guarantee actual price movements. Responsibility for investment decisions and losses lies with the investor. AI was used for some sentences and data compilation, with final review conducted by the editor.]