Ethereum: 108,000 ETH Sent To Crypto Exchanges, Will Price Revisit $2,200?
Ethereum (ETH) has experienced a 10.3% decline from recent highs, raising concerns of a potential correction. The price fell from $2,600 to $2,300, with significant movement of tokens to exchanges alarming investors. A whale deposited 12,010 ETH worth $31.6 million to Kraken after two years of inactivity and sold another 19,000 ETH for approximately $47.54 million. On October 3, about $259.2 million in ETH was sent to exchanges, with 108,000 ETH moved in the last 24 hours, intensifying bearish sentiment. Analysts noted ETH's underperformance compared to Bitcoin, with suggestions it may drop to $2,200 before a potential reversal. Key resistance levels include $2,400 for a bounce towards $2,800, while reclaiming $2,850 could signal a trend reversal. Currently, ETH is trading at $2,431, reflecting a 4.3% daily increase.
