Ethereum Price Prediction as ETH Drops 6% and Glamsterdam Upgrade Faces Delay

Asian stock market losses deepened on Friday, Nov. 6, as semiconductor shares plunged across South Korea, Japan and Taiwan. South Korea briefly halted trading after the KOSPI fell more than 8% intraday. Bitcoin also traded below $76,000 during the broader sell-off in risk-sensitive assets.

The Asian stock market recorded different intraday and closing losses. The KOSPI recovered part of its losses and finished 6.02% lower. Japan’s Nikkei 225 closed down 5.96%, while Taiwan’s TAIEX declined 4.51%. The declines followed a sharp Wall Street retreat on Nov. 5, when investors reassessed artificial intelligence infrastructure spending.

Ethereum Glamsterdam Upgrade Delayed Over Smart Contract Risks

The Ethereum Foundation announced on November 6 that developers would delay Glamsterdam’s Hoodi activation. Security firm ChainSecurity discovered several projects that could face vulnerabilities after the upgrade.

The concerns involve EIP-8037 and EIP-8038, which introduce changes to Ethereum’s gas accounting system. Both proposals adjust transaction costs for creating blockchain state and accessing existing state.

ChainSecurity identified eight assumptions that existing smart contracts may rely on during transaction execution. The Ethereum news could invalidate these assumptions and cause some contracts to behave differently.

Some contracts expect failed operations to consume specific amounts of gas. However, the revised rules could leave additional gas available, allowing certain transactions to continue when developers expected them to fail.

Ethereum’s All Core Developers group decided to postpone the Hoodi hard fork until developers address these concerns. The Foundation has not announced another activation date.

Ethereum Developers Begin Security Reviews 

Ethereum developers have started additional security checks alongside auditing firms ChainSecurity and Dedaub. The reviews will examine existing applications and determine whether the proposed changes require adjustments.

The Ethereum Foundation also published a GitHub repository explaining the eight affected assumptions. Developers can use the examples and testing instructions to identify compatibility problems within their projects.

The Foundation requested feedback from smart contract developers, auditors, and infrastructure providers. Its internal reviews cannot cover every application operating on Ethereum.

Meanwhile, development of Ethereum’s next Hegota upgrade continues uninterrupted. Glamsterdam’s broader technical plans include changes to block processing, gas pricing, and transaction execution.

Ethereum Price Drops as Liquidations and ETF Outflows Rise

Ethereum price traded near $2,220 on November 6 after losing its earlier recovery toward $2,450. The decline followed widespread selling across cryptocurrency markets and US technology stocks.

Bitcoin also dropped toward $75,500 during the market downturn. Investors reduced exposure to risk assets amid concerns about technology spending, borrowing costs, and economic conditions.

According to CoinGlass, Ethereum liquidations exceeded $210 million within 24 hours. Long positions totaled about $179 million as leveraged traders faced forced closures.

Meanwhile, US spot Ethereum ETFs recorded nearly $100 million in net withdrawals on November 5. BlackRock’s ETHA experienced $75.2 million in outflows, while ETHB registered another $22 million.

CryptoQuant data also showed Ethereum derivatives open interest declining toward $11.4 billion. The figure stood near $16 billion in late September, indicating a reduction in outstanding derivatives positions.

Ethereum Price Prediction as ETH Tests $2,200 Support

Ethereum price prediction now centers on the $2,200 support level following the latest market decline. ETH previously struggled to maintain momentum near $2,450 before sellers pushed prices lower.

Technical indicators continue to reflect weak buying activity. Ethereum’s Relative Strength Index stood at 38.65, below the neutral 50 level but above the oversold threshold of 30.

The MACD indicator recorded a reading of -59.79, compared with its signal line at -60.77. Both readings remained negative despite a slightly positive histogram.

Ethereum price faces immediate resistance around $2,350, followed by the $2,450 region. A recovery above these levels would bring the $2,500 resistance area into focus. Conversely, a sustained decline below $2,200 would expose support near $2,100 and $2,000.

This article provides market information, not investment advice. Stock and cryptocurrency prices can move sharply, and past performance does not predict future returns.