Ethereum’s $2,350 Range Becomes Key Support As Whales And ETFs Drive Market Movement

Over 1.89 million Ethereum addresses have acquired a substantial 52 million $ETH around the $2,350 price range, signaling strong historical demand at this level.

This zone may act as a key support for Ether as it moves forward, providing a foundation for future price stability.

One prominent whale, known as 0xAA1…3eE57, who has made over $32 million in profits from $ETH since September 2023, recently recharged 1,500 ETH to Binance, worth approximately $3.72 million. This action suggests that the whale may be preparing to sell. Currently, the whale holds 14,456 ETH, most of which is staked in LRT protocols and Pendle, highlighting their continued engagement with Ethereum-based protocols.

Whales Sells Off 15,000 ETH As ETFs Data Comes In

In another significant move, an ancient whale who participated in the Ethereum ICO and held 150,000 ETH has sold another 15,000 ETH, worth about $38.07 million. Since September 22, this whale has offloaded a total of 30,000 ETH, worth $77.4 million, at an average price of $2,580, slightly above the current price of $2,491. With 45,000 ETH remaining, further sales could impact the market.

Additionally, Ethereum spot ETFs have seen a significant net outflow, totaling $48.519 million on October 1. Specifically, ETHE and FETH experienced outflows of $26.64 million and $24.97 million, respectively, reflecting investor caution amidst market volatility.

As these major players continue to influence the market, the $2,350 price range could provide crucial support for Ethereum, especially as whale activity and ETF outflows shape near-term price action. Investors will be closely monitoring whether this level holds or if further selling pressure will drive prices lower.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/ethereums-2350-range-becomes-key-support-as-whales-and-etfs-drive-market-movement/