Should You Buy Ethereum (ETH)? Supply, Demand and Price Drivers (Oct 2026)
Originally published at https://mrnasdog.com/research/eth (checked Oct 21 2026)
Supply and demand give Ethereum (ETH) a mixed long-run signal today (Oct 21 2026); its score is 6.5/10.
- Signal today: mixed (Oct 21 2026)
- MrNasDog score: 6.5/10 — supply 3/5, demand 3.5/5
- New coins: +0.21% in 90 days · +0.86% in a year
- Demand: strong (3.5/5)
- Drivers: 1 ▲ price up · 1 ▼ price down
Where new Ethereum comes from
ETH supply grew about 0.21% in 90 days: validators got 264K new ETH and the fee burn took back only 4.67K.
New ETH: +0.21% in 90 days, +0.86% in a year. Supply score 3/5, “light” (place 65 of 101).
Demand today
Ethereum demand: 3.5/5 (strong), place #18 among 110 coins — interest today plus the buying that could come later.
Extra Ethereum demand detail for members stays on the live page.
The things that move Ethereum
3 things outside the score can move ETH’s price — today 1 ▲ up, 1 ▼ down.
▲ BitMine’s ETH
BitMine is 63.5K ETH from 5%, then says it stops.
Good for the price: BitMine buys. Bad for it: Stops or sells. Today: the price-up case.
| Date | BitMine |
|---|---|
| Jul 31 2026 | 5,787,415 ETH |
| Aug 31 2026 | 5,901,112 ETH |
| Sep 30 2026 | 6,001,302 ETH |
| Oct 18 2026 | 6,041,481 ETH |
Checked Oct 20 2026
▼ ETF holdings
ETFs cut ~300K ETH since Sep 30; outflows still running.
ETFs hold more → price up · ETFs hold less → price down. Now: ▼ down side.
| Date | US ETFs |
|---|---|
| Jul 31 2026 | 5,477,049 ETH |
| Aug 31 2026 | 6,287,659 ETH |
| Sep 30 2026 | 6,585,775 ETH |
| Oct 14 2026 | 6,283,000 ETH |
Checked Oct 20 2026
• Upgrade calendar
Hoodi test set Oct 26 2026; mainnet date still not set.
Upgrade on time → price up · Delay or bug → price down.
| Date | What happened / what is coming |
|---|---|
| Mar 13 2024 | Dencun: cheaper L2 fees |
| May 7 2025 | Pectra upgrade live |
| Dec 3 2025 | Fusaka upgrade live |
| Oct 6 2026 | Glamsterdam on testnet |
| Oct 26 2026 | Hoodi testnet fork (coming) |
| Late 2026 | Glamsterdam mainnet aim (coming) |
Checked Oct 20 2026
Ethereum: buy, sell or hold — questions and answers
Should I buy Ethereum now, or wait?
Supply and demand point to a mixed long-run signal for Ethereum (Oct 21 2026, score 6.5/10). Ethereum adds +0.21% new supply in 90 days, and demand reads strong (3.5/5). Ethereum’s price drivers: 1 ▲ price up, 1 ▼ price down.
Why is Ethereum dropping lately?
ETF selling is probably the main reason. Ethereum ETFs cut about 300K ETH since Sep 30, and those outflows are still running. BitMine is still buying on the other side, but it is only 63.5K ETH from its 5% goal and says it stops there. Our supply-and-demand read for Ethereum stays mixed.
Ethereum or Solana: which one looks stronger today?
Ethereum looks a bit stronger on supply. In the next 90 days Ethereum adds about +0.21% new coins, while Solana adds about +1.26%. Both have ETFs selling right now, so neither one clearly wins on demand (Oct 20 2026). Our supply-and-demand read for Ethereum stays mixed.
Could Ethereum ever hit $10,000?
Ethereum trades near $2,436 (Oct 21 2026). $10,000 a coin means a $1.22 trillion market cap, 4.1 times today’s $298B. Ethereum’s supply also grows +0.86% in the next year, so every extra coin needs buyers too. Our supply-and-demand read for Ethereum stays mixed.
Is it time to take profit on Ethereum?
We would read Ethereum differently if new supply jumps (today +0.21% in 90 days), or demand falls from strong, or ETF holdings keeps pointing down. Until then Ethereum’s signal stays mixed. Mark this date for Ethereum: Oct 26 2026 — Hoodi testnet fork.
Is Ethereum a good investment right now?
Ethereum scores 6.5/10 on our framework (Oct 21 2026): supply 3/5 (light), demand 3.5/5. Over the next year Ethereum’s supply changes +0.86%. The long-run signal is mixed.
How do I know when to buy Ethereum?
Supply and demand favor Ethereum most when little new supply is coming, demand is strong and the price drivers point up. Right now Ethereum has +0.21% new supply in 90 days (light), demand strong (3.5/5), drivers 1 ▲ / 1 ▼.
Will Ethereum go up in 2026?
Ethereum’s price drivers today: 1 pointing up, 1 pointing down, out of 3. ▲ BitMine’s ETH: BitMine is 63.5K ETH from 5%, then says it stops. ▼ ETF holdings: ETFs cut ~300K ETH since Sep 30; outflows still running. • Upgrade calendar: Hoodi test set Oct 26 2026; mainnet date still not set.
Should I buy Ethereum or Bitcoin?
Ethereum: mixed signal, 6.5/10 · Bitcoin: positive signal, 8.5/10 (Oct 21 2026). By supply and demand, Ethereum reads weaker than Bitcoin today.
Where to read the rest of ETH
- ETH supply, line by line: https://mrnasdog.com/research/eth/inflation
- Where Ethereum sits among all coins: https://mrnasdog.com/coins
- Why supply and demand decide ETH’s signal: https://mrnasdog.com/research/pressure-framework/full
Every answer here applies basic economic theory — the law of supply and demand — to this coin’s data. It is not financial advice.
Original: https://mrnasdog.com/research/eth · Data + explanation only. Not financial advice.