Ethereum has dropped to the $2.4K level, losing over 2.5% in the last 24 hours. Additionally, the market has witnessed Ethereum liquidations worth $50.51 million. Recent price fluctuations of $ETH have caused concerns among traders due to significant volatility. Some analysts expect that ETH could recover with the onset of October.
Ethereum Facing Key Resistance and Support Levels
Currently, Ethereum’s price is at a critical point near significant support and resistance levels. The largest altcoin has seen a drop of more than 2.5% in the last 24 hours, with its price now trading at $2,426, according to CoinMarketCap data. The daily chart shows Ethereum’s struggle to stay above the $2.5K mark.
Ethereum has reached a low of $2,405 and a high of $2,520. During this time, the market has witnessed liquidations worth $50.51 million, according to CoinGlass. On the other hand, ETH's daily trading volume has surged by over 43.90%, reaching $15.89 billion.
Ethereum Whales Moving the Market
On-chain data revealed that an Ethereum whale, who received 150,000 ETH during the ICO, deposited another 5,000 ETH worth $12.2 million to Kraken. Over the past 15 days, this whale has sent a total of 45,000 ETH worth $113.3 million. The whale currently holds around 94,450 ETH, valued at approximately $230 million, in their wallet.
Is a Rebound Possible for ETH?
On the monthly chart, Ethereum’s price has surged over 6.40%, reaching a high of $2,685. However, over the past week, a series of lower lows have formed, and the price has dropped by 7.70%. ETH has fallen from $2.6K to $2.3K. Amid this volatility, a price correction upward was expected, but the #BEARISH📉 hold remains strong so far.
If the current bearish momentum continues, #etherreum could drop to the $2.2K level. If the downward trend persists, a further decline below $2K could be expected. On the other hand, a rebound above the current price could trigger a retest, potentially pushing ETH towards $2,628.
Technical Analysis Indicates a Bearish Trend
Technical charts show that the daily Relative Strength Index (RSI) is at 48.16, sitting in the neutral zone. Additionally, both the short-term 50-day and long-term 200-day moving averages for ETH are around $2,459, indicating a bearish trend for Ethereum at the moment.
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