Ethereum (ETH) Price: Analyst Eyes $2,550 While Raoul Pal Calls ETH Undervalued

TLDR

• Ethereum fell 1% on Friday, briefly dropping below $2,400 as Brent Crude rose 3.6% to $109.7.
• US spot ETH ETFs posted $60.2 million in net outflows on Thursday, with withdrawals on 12 of the last 13 trading days.
• Exchange reserves rose by about 290K ETH over three weeks, the highest since September 10.
• Analyst Ted Pillows says ETH bounced from $2,350 and needs a weekly close above $2,550.
• Raoul Pal says Ethereum is undervalued because of its role in stablecoins, DeFi and real-world assets.

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Ethereum (ETH) fell 1% on Friday and briefly traded below $2,400. The drop came as oil prices climbed and pressured risk assets.

Brent Crude jumped 3.6% to $109.7, its highest level since May. Crypto has moved more closely with stocks in recent sessions.

The crypto market is down 1.3%. The S&P 500 fell 1.4% and is near its lowest close since mid-September, while the Nasdaq dropped 2.3% on selloffs in AI-related stocks.

Inflation data added to the pressure. The Producer Price Index came in at 6.3% year over year against a forecast of 5.3%, and the Consumer Price Index hit 3.7% against 3.6%. Rising energy prices drove both readings.

Selling Pressure Builds on Exchanges

Liquidations continue to weigh on ETH. About $72 million was wiped from the market, according to Coinglass. Long traders have lost roughly $500 million since Monday.

Exchange reserves have grown by about 290K ETH over three weeks, per CryptoQuant. That is the highest level since September 10 and points to more coins available for sale.

ETFs show the same trend. US spot ETH funds saw $60.2 million in net outflows on Thursday, according to SoSoValue. They are on track for a second straight week of outflows.

Analyst Ted Pillows said on X that ETH tapped the $2,350 support zone and is bouncing back. He sees little resistance until $2,550 and said a weekly close above that level would suggest the bottom is in.

$ETH tapped the $2,350 support zone and is now bouncing back.

There isn’t much resistance until $2,550 for Ethereum, so this rally could go a bit higher.

If ETH manages a weekly close above $2,550, it’ll be a sign that the bottom is in.

If not, there’s a chance of one last… pic.twitter.com/tetMfGU14q

— Ted (@TedPillows) October 16, 2026

Pillows added that if ETH fails, one last flush could come before a rally above $3,000.

Chart Analysis

On the daily ETH/USDT chart, price sits below the 50-day EMA at $2,492 and the 20-day EMA at $2,538. It holds above the 100-day EMA at $2,347.87, which offers tentative support. The 14-day RSI is at 38 and the Stochastic Oscillator is near 23, both leaning bearish.

Support sits near $2,414, then $2,355 and the 100-day EMA. Resistance starts at the 50-day EMA, then $2,548. Traders will watch whether ETH holds above $2,355, since a break could open the way to $2,204.

Raoul Pal, CEO of Real Vision, argues that Ethereum is undervalued. He says it underpins 70-76% of stablecoins, DeFi and many real-world asset transactions on-chain.

RAOUL PAL: ETHEREUM IS “WILDLY UNDERVALUED”

This is exactly how I see Ethereum’s future.

Raoul Pal, @fundstrat and I share a fundamental belief: the transformation of global finance will create enormous demand for programmable blockchain infrastructure.

And Raoul makes a… pic.twitter.com/qMDN147brC

— BMNR Bullz (@BMNRBullz) October 16, 2026

Pal estimates an Ethereum outage could erase $1 trillion to $1.5 trillion in value. He buys assets that fall two standard deviations below their long-term trend.

On Pluang, Ethereum traded at Rp43,406,277 as of Oct 17, down 1.51%, with 74% buy interest.