Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ETHEREUM NEWS»More than 1.8 million addresses bought 52 million ETH at $2,350: Will Ethereum continue to fall?
ETHEREUM NEWS

More than 1.8 million addresses bought 52 million ETH at $2,350: Will Ethereum continue to fall?

By Crypto FlexsOctober 4, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
More than 1.8 million addresses bought 52 million ETH at ,350: Will Ethereum continue to fall?
Share
Facebook Twitter LinkedIn Pinterest Email

This article is also available in Spanish.

Ethereum is down at time of writing, reflecting its overall performance. The nearly 2% decline in the cryptocurrency market was due to contraction in Bitcoin, Ethereum and top altcoins. Currently, the total market capitalization has decreased to $2.17 trillion. If pressure comes, it could record more losses, reversing September’s gains.

Ethereum under pressure, is support available at $2,350?

Last week alone, CoinMarketCap data showed show Ethereum fell 10%, taking losses below the previous support level of $2,400 and now resistance. While it may seem like the sharp decline for most of this week has dampened participation, some traders are accumulating at spot rate levels.

Related Reading

Into the Block data On October 3, 1.89 million Ethereum addresses were seen purchasing 52 million ETH in a range of approximately $2,311 to $2,383. The fact that many buyers are choosing to buy at the $2,350 average means that this is a support level that traders should watch closely.

ETH may find support at $2,350 | Source: @intotheblock via X

Given the number of ETH accumulated, sellers would have to work harder to break below this level, which would push the coin to its August low of $2,100. Comparing traders’ actions with the September range, the $2,350 level corresponds to approximately the 61.8% and 78.6% Fibonacci retracement levels.

What’s next for ETH?

Technically, cryptocurrency prices, including ETH, tend to find support around this Fibonacci retracement area. Therefore, a medium- to long-term trend is likely to form depending on how the price reacts between the $2,100 and $2,350 area.

Related Read: What’s Holding Bitcoin Back? Analysts say $71,000 is the magic number.

A refreshing bounce around this new support line and Fibonacci retracement area would be a huge boost. In this case, the bull target is $3,500, so ETH could rise above $2,800.

Ethereum price trending lower on daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending lower on daily chart | Source: ETHUSDT on Binance, TradingView

Conversely, a sharp decline below the August and September lows could easily lead to panic selling. Among these, ETH may fall below $2,100 to $2,000 and may fall to $1,800, confirming losses in early August.

When considering price action conditions, sellers have the upper hand. Over the last few trading sessions, centralized exchanges have experienced massive outflows.

Wintermute transfers ETH to Binance | Source: @OnchainDataNerd via X
Wintermute transfers ETH to Binance | Source: @OnchainDataNerd via X

Earlier today, The Data Nerd exposed Cryptocurrency market maker Wintermute has moved 14,221 ETH to Binance, indicating a possible sale. In August, other major market makers, including Wintermute and Jump Capital, sold over 130,000 ETH, driving the price down.

Featured image by DALLE, chart by TradingView

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Integrated security classes can accelerate the adoption of institutional passwords.

September 4, 2025

Next chapter of ecosystem support program

August 31, 2025

Kindly, MD’s $ 5B Bitcoin Play comes as DATS raises fear of wider Altcoin fluidity.

August 27, 2025
Add A Comment

Comments are closed.

Recent Posts

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Is XRP The Dark Horse Of The Cryptocurrency World? Earn 652 XRP Daily Using Invro Mining’s Smart Contract

September 4, 2025

TRX Was Early, ETH Set The Standard, BNB Built The Scale- Now SYC Brings The Next Evolution

September 4, 2025

Sign Up And Receive $500 Bonus, Ushering In A New Era Of Compliant And Secure Crypto Investment

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025
Most Popular

ETH ETF: Top analyst says Ethereum (ETH) ETF has a 35% chance of approval.

March 28, 2024

Luxor and Bitnomial Launch Bitcoin Mining Derivatives

May 29, 2024

Bitcoin mining company GRIID begins trading on Nasdaq.

January 29, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.