Over 52 Million ETH Bought At $2,300, Will Ethereum Bulls Defend This Support?
Ethereum is currently trading within a narrow range of $2,300 to $2,800, showing bearish trends after a 50% drop from July highs. Over 52 million ETH has been acquired at the $2,300 level, establishing it as immediate support. A price increase from this level could signal an uptrend, while a failure to maintain this support may lead to further declines. Sentiment remains bearish, with over 65% of ETH holders expecting price struggles in the short term. Additionally, the market capitalization of stablecoins like USDT and USDC has decreased by $780 million, indicating a potential decline in buying power. Currently, there are no significant inflows of ETH to centralized exchanges, but over 34 million ETH are staked, yielding a 3.3% annual percentage yield (APY).
