Ethereum: 108,000 ETH Sent To Crypto Exchanges, Will Price Revisit $2,200?

2 hours ago

Ethereum (ETH) has seen a 10.3% driblet from past week’s highs pursuing the caller marketplace downturn. Its show has disquieted galore analysts and investors, considering ETH could beryllium adjacent different correction.

Ethereum Whales Send Millions To Exchanges

Ethereum has struggled to reclaim immoderate cardinal absorption levels since the October 1 correction. On Tuesday, the cryptocurrency saw its terms nosedive from the $2,600 portion to the $2,300 mark, hovering betwixt the little and higher scope of that enactment level for the past fewer days.

Since then, quality of aggregate investors moving their tokens has deed the industry, alarming the community. On-chain analytics steadfast Lookonchain revealed that an Ethereum Initial Coin Offering (ICO) subordinate sold their tokens arsenic the marketplace bleed.

Per the report, the whale deposited 12,010 ETH, worthy $31.6 million, to Kraken a week agone aft being inactive for 2 years. The aforesaid code sold different 19,000 ETH 2 days ago, astir $47.54 million.

Today, crypto expert Ali Martinez highlighted that connected October 3, astir $259.2 cardinal worthy of ETH had been sent to crypto exchanges. According to the CryptoQuant information shared by Martinez, 108,000 ETH were sent to exchanges successful the past 24 hours, importantly expanding from the time before.

The quality continued to substance the bearish sentiment among galore assemblage members, who are disappointed astir Ethereum’s show and fearfulness ETH’s terms could soon look important selling pressure.

Will ETH Revisit Lower Levels Soon?

Crypto capitalist Ted Pillows noted that ETH has been “one of the astir underperforming cryptos successful 2024.” Despite the support of Ethereum spot ETFs (exchange-traded funds), the crypto has “underperformed astir each ample cap.”

He besides pointed retired that ETH surged alongside Bitcoin whenever the marketplace was up but dropped importantly harder erstwhile the marketplace struggled. “Whenever BTC has pumped 5%, ETH has pumped 3%, but whenever BTC has dumped 5%, ETH has dumped 12%-15%,” helium remarked.

However, Ted explained that each clip Ethereum was considered “dead,” similar successful 2020-2021, it has yet outperformed BTC. Based connected this, the capitalist believes that ‘the king of Altcoins’ could look “one past flush” to $2,200 earlier the reversal.

Similarly, trader Crypto General suggested that the cryptocurrency could retest the $4,000 by adjacent period arsenic helium expects ETH to bounce from the existent levels. However, helium asserted that if the terms breaks the trendline, “we tin easy spot the terms touching the $2100 level.”

Other marketplace watchers pointed retired that Ethereum indispensable reclaim the $2,400 absorption level to spot a imaginable bounce toward $2,800. Previously, Daan Crypto Trades acceptable the $2,850 absorption level arsenic 1 of the key levels to watch.

The expert considers that reclaiming this level would awesome a inclination reversal for the cryptocurrency. This portion corresponds with the horizontal level that started the February-March tally to ETH’s yearly precocious of $4,090.

As of this writing, ETH has seen a affirmative terms jump, presently trading astatine $2,431. This show represents a 4.3% surge successful the regular timeframe.