Ethereum’s price has dropped to $2,598, reflecting a 1.90% decline within the last 24 hours. During this period, trading volumes have surged, hitting $13.31 billion—an increase of 30.23%. Additionally, Ethereum’s market capitalization has fallen by 1.49% to $316 billion, while the circulating supply remains stable at 120.37 million ETH, sparking concerns among investors and suggesting the possibility of further price corrections.
- Several large whale transactions are currently influencing market sentiment. The most notable involved the movement of 43,331 ETH, valued at over $113 million, to Coinbase Institutional, hinting at potential large-scale liquidations or repositioning by institutional investors. Such activity could be contributing to Ethereum’s ongoing price decline.
- Besides this, two additional major transactions were observed: a total of 25,194 ETH, valued at approximately $66.13 million, was transferred to Coinbase in two separate transactions, adding further short-term downward pressure on Ethereum’s price. Another significant movement involved 8,487 ETH, worth $22.38 million, sent to Binance, which could potentially increase selling pressure. Should these transfers result in liquidations, Ethereum’s value may continue to drop.
- Moreover, a significant transfer involving 9,534 ETH from Wintermute, a key market-making firm, to an unknown wallet has drawn considerable attention, indicating possible behind-the-scenes market strategies. In a minor but interesting development, a dormant address holding 70 ETH became active after 9.2 years, although this movement is likely to have minimal impact compared to larger whale actions.
Ethereum Approaches Critical Support Levels
Ethereum is encountering strong resistance at $2,634 and support at $2,593. A bearish crossover has emerged between the 9-day and 21-day moving averages (MA), and with the current price sitting below $2,600 and $2,605, further declines could be imminent.
- Technical indicators reveal that Ethereum might face additional challenges as it nears critical support levels. The Relative Strength Index (RSI) currently stands at 28, while the average RSI is 31—indicating oversold conditions and the potential for a price reversal soon. However, the average RSI suggests that bearish momentum may persist in the short term, keeping market sentiment largely negative.
- Investors should remain cautious, as oversold conditions can continue longer than anticipated. Notably, the Ethereum Foundation recently sold 100 ETH for approximately 262,474 DAI just 10 minutes ago, contributing to the 3,766 ETH sold for $10.46 million DAI in 2024. In September alone, 1,250 ETH, valued at $3.06 million, was sold. These sales might reflect the foundation’s ongoing efforts to manage its holdings, which could further impact market supply and price stability.
