Weekly market structure Final
Ethereum this week: 19–25 October 2026
ETH fell 3.3 % over the week, from 2,409 to 2,329, in a 10.8 % range: narrower than 61 % of all weeks since January 2023. Price traded below the put wall on 2 days; the deepest of those was 2,359 on Thursday.
The week on one line
Day by day
| Day | Close | Change | Range | What stood out |
|---|---|---|---|---|
| Mon 19 | 2,407 | −0.09 % | 2.6 % | Quietest day: 2,778,273 ETH traded |
| Tue 20 | 2,448 | +1.69 % | 4.5 % | Traded below the put wall (2,400) and closed back above it; traded above the call wall (2,440); a 7,038 ETH bid wall at 2,422 was pulled in New York |
| Wed 21 | 2,473 | +1.02 % | 3.7 % | The week's high, 2,527, came here; traded above the call wall (2,500); a 8,857 ETH ask wall at 2,485 was eaten in New York |
| Thu 22 | 2,388 | −3.42 % | 5.2 % | Closed below the put wall (2,400); traded above the call wall (2,400); a 10,807 ETH ask wall at 2,450 was pulled in Asia |
| Fri 23 | 2,387 | −0.07 % | 2.8 % | Traded above the call wall (2,400); a 2,107 ETH ask wall at 2,419 was eaten in Asia |
| Sat 24 | 2,358 | −1.21 % | 4.7 % | The week's low, 2,281; a 12,281 ETH ask wall at 2,363 was eaten in London |
| Sun 25 | 2,329 | −1.23 % | 2.8 % | A 2,352 ETH bid wall at 2,351 was pulled in Asia |
Sessions
New York moved the most (Tue to Sun), with an average range of 2.77 %, against 1.54 % in Asia and 1.45 % in London.
New York saw the most walls eaten (3), Asia the most pulled (3).
Liquidity walls
From Tuesday to Sunday, across the three sessions, 5 walls were eaten, 6 were pulled before price reached them and 0 held. The largest: a 12,281 ETH ask wall at 2,363, eaten on Saturday; a 10,807 ETH ask wall at 2,450, pulled on Thursday.
Options positioning
The call wall moved from 2,440 to 2,500. The put wall moved from 2,400 to 2,300. The estimated gamma flip moved from 2,386 on Tuesday to 2,326 on Sunday, so price ended the week above it, in the zone where dealer hedging is estimated to dampen moves. Estimated dealer gamma at the price ended at 1 million dollars per 1 %.
Next week: what the market is pricing
What option prices and history show as of 26 Oct 23:05 UTC. It is not a forecast.
| What | Level | Source |
|---|---|---|
| Expected move to Fri 30 Oct, 08:00 UTC | ±4.6 % (±106): 2,195 – 2,407 | ATM implied volatility 48.0 %; about two in three priced outcomes fall inside |
| Max pain, 30 Oct expiry | 2,500 | Open interest; put/call ratio 0.90 |
| Largest open interest, 30 Oct | Puts 2,300 (30,380 ETH), 2,400, 2,650 · calls 2,600, 2,500, 3,200 | Deribit, OKX and Bybit |
| Estimated levels | Put wall 2,300 · flip 2,326 · call wall 2,500 | GEX, standard dealer assumption |
What history shows
Since January 2023 the median weekly range has been 12.7 %, and the middle half of weeks moved between 9.0 % and 17.5 % from high to low. Past behaviour, not a prediction.
Scheduled
- Fri 30 Oct, 08:00 UTC: monthly ETH options expiry. Expiry page.
See next week live.Swiftedge Depth shows the ETH order book, every trade and the GEX levels in your browser, and Swiftedge Options the whole options chain. Free, no sign-up.
Open Swiftedge DepthNot financial advice. This report describes what happened in the data and what option prices imply. It is not a signal or a forecast, and past behaviour does not predict future results. Dealer levels are estimates.