Ethereum (ETH) Suffers Its Worst October in 8 Years: Is More Pain Ahead?

Ethereum fell about 13% in October, trading around $2,330 and down 4.3% over the prior week after a nearly 9% gain in September. The drop put the second-largest cryptocurrency on course for a negative October and would prevent a fourth consecutive monthly gain; October has averaged a 4.14% return. Analyst Alaoui Capital said ETH risks falling below the $2,000 level into the $1,850-$1,920 support area. Spot Ether ETFs lost $220 million last week, with redemptions forcing issuers BlackRock, Grayscale and Fidelity to sell ETH, while BitMEX co-founder Arthur Hayes sold more than $15 million in ETH.