Ethereum Falls Below $2,300 as Solana Drops Under $100

October 26, 2026 MM Crypto Team

Ethereum and Solana Lead the Market Lower

Ethereum fell below $2,300 for the first time in two months, while Solana dropped beneath $100, as the two largest alternative cryptocurrencies recorded steeper daily losses than Bitcoin. Coin Bureau reported that Ethereum declined 3.7% and Solana fell 3.4% on the day, against a 2% drop for Bitcoin, a gap that tells the story of the session. When the market turns cautious, the largest altcoins almost always fall further than Bitcoin, because they are more volatile, more thinly traded, and more dependent on the risk appetite that disappears first when sentiment sours. The two moves landed on the same day, which made the message hard to miss: this was not a Bitcoin-only decline but a broad retreat from crypto risk. Ethereum held near $2,310 after testing $2,300, according to WazirX, which shows buyers are trying to defend the level. Solana’s fall beneath $100 carried the same weight. Both round-number levels gave way on the same day, turning a difficult session into a warning sign for the altcoin market.

A Steeper Fall Than Bitcoin

The difference in the size of the daily moves is the first thing to understand. Ethereum fell 3.7%, Solana fell 3.4%, and Bitcoin fell 2%, according to Coin Bureau. That gap compounds over time, and it is why both were down approximately 14% over the past month while Bitcoin’s monthly decline was smaller. The pattern is a familiar one in crypto markets. Bitcoin is the largest and most liquid cryptocurrency, and it is the one that institutional investors hold through their ETFs, so it tends to fall the least when the market turns. Ethereum and Solana are the next tier down: large enough to attract serious money, but small enough that selling moves their prices more sharply. They also carry more speculative positioning: traders use them for leveraged bets, and closing those bets concentrates selling in exactly these coins. Bitcoin also weakened, reaching its lowest price since September 18, which shows that no part of the market escaped the pressure. That they fell almost twice as far as Bitcoin is the clearest sign that risk appetite, not Bitcoin-specific news, drove the session.

The $485 Million Ether ETF Outflow Week

United States spot Ether ETFs recorded $485 million in net outflows from October 14 to 22, a sustained week of redemptions that mirrors the selling seen in the Bitcoin ETFs. The figure is especially striking given the Ether ETF market is smaller than Bitcoin’s. A $485 million outflow is a larger share of Ether funds’ total assets than the same figure would be for Bitcoin funds, so the selling pressure was proportionally greater. The outflows also explain part of the price action. When investors redeem from the Ether ETFs, the funds must sell the Ethereum they hold, and that selling lands directly on the market. The October 14 to 22 window covers the same period Ethereum slid toward $2,300: redemptions pushed the price down, the falling price encouraged more redemptions, and the cycle repeated. Both sets of funds saw outflows at the same time, which suggests a broad reduction in crypto exposure, not a rotation: investors were selling both.

The Mixed Day: October 21 Inflows

The outflow story has an important nuance. United States spot Ether ETFs recorded $14.9 million in net inflows on October 21, according to Farside Investors, a day when the flows were mixed rather than one-directional. Grayscale’s Ethereum Mini Trust took in $28.1 million, Fidelity’s FETH added $13.0 million, and BlackRock’s ETHA lost $29.3 million. The three numbers show different funds moving in different directions: some investors bought through Grayscale and Fidelity while others sold through BlackRock. The mixed picture shows the selling was not universal: buyers stepped in even in a week dominated by outflows, and the small net inflow broke the redemption sequence. Flow data must be read day by day: a week of $485 million in outflows looks like a rout, but one day of inflows shows the selling was less one-sided than the weekly total suggests. The question now is whether October 21 was an exception or the start of a turn. One day of inflows does not end an outflow trend, but it does show that the buyers have not disappeared entirely.

The $2,300 and $100 Psychological Levels

Round numbers matter in crypto, and $2,300 for Ethereum and $100 for Solana are two of the most watched levels in the market. Ethereum held near $2,310 after testing $2,300, and WazirX identified immediate support at $2,280 to $2,300, with a broader base at $2,150 to $2,160. Resistance sits at $2,315 to $2,325, then $2,360. The immediate support at $2,280 to $2,300 must hold to defend the two-month low; if it breaks, the next stop is the broader base at $2,150 to $2,160, roughly $150 lower. On the upside, resistance at $2,315 to $2,325 is the first hurdle, then $2,360; the narrow gap shows how finely balanced the market is. Solana’s $100 level carries the same kind of significance. A three-figure price is a psychological line: below $100 feels like a different market, even though the difference is only a few dollars. Both levels are now being tested at the same time, and the outcome of those tests will shape the altcoin market for the weeks ahead.

Why Altcoins Underperform in a Risk-Off Tape

The reason Ethereum and Solana fall further than Bitcoin in a risk-off market is structural. Bitcoin is the market’s reserve asset: the coin institutions hold, ETFs track, and traders flee to when cutting risk without leaving crypto. Ethereum and Solana are the riskier part of the portfolio. They offer higher potential returns, but they also carry higher volatility, and when investors decide to cut risk, they sell the volatile part first. That is why both coins’ daily and monthly declines were larger than Bitcoin’s. The dynamic reverses on recovery: both tend to rise faster than Bitcoin. The current underperformance is not a verdict on either coin’s prospects, but a reflection of where they sit in the risk hierarchy. The same logic applies to ETF flows: Bitcoin ETFs are larger and more diversified, so their outflows are a smaller share of the total, while smaller, more concentrated Ether ETFs are hit harder. Understanding that hierarchy is the key to reading the current market: Bitcoin falls least, Ethereum falls more, Solana falls most, and the order reverses when the market turns.

A Month Down 14%

The daily moves are only part of the story. Ethereum and Solana were both down approximately 14% over the past month, a decline that has erased a significant portion of the gains from earlier in the year. A 14% monthly fall is a serious correction that changes the position of every holder who bought during the advance. The monthly decline also explains the ETF outflows: investors who bought at higher prices sit on losses and, like underwater Bitcoin buyers, sell on every bounce, creating the same kind of ceiling Bitcoin faces at $84,000. The daily data from October 25 underlines the point. Ethereum traded at $2,345.30, 2.37% below the October 24 UTC close, with a daily high of $2,388.79 and a daily low of $2,284.75. The market capitalisation stood at $285.49 billion, ranking second, with 24-hour volume of $9.92 billion and a circulating supply of 122.16 million ETH. The low of $2,284.75 shows the price dipped below $2,300 before recovering: buyers are defending the level, but the defence is under strain.

What Comes Next for ETH and SOL

The outlook depends on the same factors that will decide Bitcoin’s direction: the Federal Reserve decision on October 28 and inflation data on October 29 will set the tone for every risk asset. Second, the ETF flows: October 21 inflows showed buyers are still present, but the $485 million outflow week showed sellers are more numerous. For flows to turn, the price must stabilise above the key levels. The third factor is the technical picture. Ethereum needs to hold $2,280 to $2,300 and then reclaim $2,315 to $2,325 to signal that the decline is over. Solana needs to reclaim $100 and hold it. If both levels are reclaimed, the market will begin to treat the recent decline as a correction rather than the start of a deeper fall. If they are not, the next support levels, $2,150 to $2,160 for Ethereum, will come into focus. Altcoins falling further than Bitcoin is common in corrections, and it often ends when Bitcoin stabilises and risk appetite returns. The answer will come from the flows, the levels, and the Federal Reserve.

FAQ

Why did Ethereum fall below $2,300? Ethereum fell 3.7% on the day, according to Coin Bureau, as United States spot Ether ETFs recorded $485 million in net outflows from October 14 to 22.

Why did Solana drop below $100? Solana fell 3.4% on the day, steeper than Bitcoin’s 2% drop, as altcoins underperformed in the risk-off tape, and the $100 level gave way with Ethereum’s $2,300 level.

How far are ETH and SOL down over the past month? Both were down approximately 14% over the past month, a much deeper decline than Bitcoin’s.

Were the Ether ETF flows all negative? No. The funds recorded $14.9 million in net inflows on October 21, with Grayscale’s Ethereum Mini Trust adding $28.1 million and Fidelity’s FETH adding $13.0 million, partly offset by BlackRock’s ETHA losing $29.3 million.

What levels matter next? For Ethereum, support is $2,280 to $2,300 with a broader base at $2,150 to $2,160, and resistance is $2,315 to $2,325 then $2,360. For Solana, reclaiming $100 is the key test.

Source: Hokanews

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