Market participants withdrew 29,378 ETH from the exchange, indicating a shift to holding rather than trading. This is in contrast to recent activity where 312,183 ETH was deposited, which has seen mixed behavior among investors. The net outflows suggest that some investors are optimistic about Ethereum's long-term value. If this withdrawal trend continues, it could lead to Ethereum price stabilizing or even rising. Overall, these changes in currency activity are important in understanding market sentiment.
As of late October 2024, the number of Ethereum (ETH) addresses holding at least $1 million has increased significantly, indicating growing confidence in the cryptocurrency market. This growth reflects Ethereum's price fluctuating between $2,700 and $4,000. The increase in high-value addresses is being driven by factors such as the approval of the Spot Ethereum ETF and increased interest from institutions. Analysts believe that if this trend continues, the total amount of ETH in these addresses could exceed $80 billion by the end of the year.
ETH reserves-
As of mid-October 2024, Ethereum exchange reserves have decreased from 18.8 million ETH at the beginning of the year to approximately 16.9 million ETH. This decline of more than 10% represents the lowest level since July 2016. At current prices, these reserves are worth about $58.3 billion.
If the price sustains above $2,770, there is potential for intraday bullishness. On the upside, near-term resistance is $2,770. Significant upside above the $2,820/$3,000/$3,200 targets is possible. Significant bullish continuation will only occur if the price breaks above $3,400.
Initial support is approximately $2500. A break below $2,500 will confirm bearish continuation. It could fall to $2100/$2000/$1800/$1500. Violations below $1500 will reduce Ethereum to $1000.
If TP is $2,820, it would be better to buy SL at around $2,300 or $2,500.
token post | [email protected]
