ETH｜After three straight days of declines and a plunge below 2,500, I’m actually starting to watch for a dip-buying entry 👀
Honestly, ETH’s had a rough week.
It was still at 2,697 on October 6. On the 7th, a huge red candle sent it down 4.6% to 2,574. On the 8th, it took another 3.9% hit, briefly plunging to 2,406 and breaking below 2,500 intraday.
It’s now around 2,487, up 2.3% over 24 hours—a bit of a breather.
From its 30-day high of 2,807, it’s now down nearly 11% 😮💨
Why the drop? In plain English: no buyers stepping in + too many crowded longs.
❌ U.S. spot ETH ETFs have seen net outflows for eight straight days. Since September 29, cumulative outflows are around $640 million. Another $72.5 million flowed out on October 8, mostly from BlackRock’s ETHA.
❌ Around $1.1–1.2 billion in positions were liquidated across the market on October 8. ETH alone accounted for over $300 million—more than BTC. Longs were way too leveraged, so once prices broke down, it was a stampede.
❌ ETH reserves on exchanges have risen by about 230,000 over the past two-plus weeks. Coins moving onto exchanges—you know what that usually means.
❌ The 10-year U.S. Treasury yield surged to 5.35%, a new high for 2024. Risk assets across the board took a beating.
❌ ETH/BTC isn’t helping either: around 0.0300, down from 0.0318 a month ago.
But!!!
✅ A lot of leverage has already been flushed out, so the market is looking cleaner.
✅ Buyers stepped in at 2,406, leaving a long lower wick—the price didn’t just collapse.
✅ The fundamentals are still moving forward: the Glamsterdam upgrade is progressing on testnet, and the community is still discussing EIP-8361 (the more you stake, the more issuance gets burned). The long-term narrative is intact.
📍Levels I’m watching:
Support: 2,400–2,410 (this dip’s low) → 2,340–2,360 (the 30-day low of 2,358 + around the 100-day EMA)
Resistance: 2,520–2,550 (today’s high is holding it back) → 2,600 (the breakdown level) → 2,700
🎬 What could happen next:
Scenario A: If 2,400 holds and price gets back above 2,550, it’ll likely rebound to 2,600–2,700—that would mean this leverage flush was a fake-out 📈
Scenario B: If ETF outflows continue and 2,400 fails, price could head toward 2,350 to look for support. I’d scale in around there—no chasing, no going all-in 📉
I’m personally leaning toward A, but I’m positioning for B. When ETF outflows stop, that’ll be the real signal. I’m keeping an eye on that first.
⚠️Just my personal ramblings—not investment advice.
$ETH
Honestly, ETH’s had a rough week.
It was still at 2,697 on October 6. On the 7th, a huge red candle sent it down 4.6% to 2,574. On the 8th, it took another 3.9% hit, briefly plunging to 2,406 and breaking below 2,500 intraday.
It’s now around 2,487, up 2.3% over 24 hours—a bit of a breather.
From its 30-day high of 2,807, it’s now down nearly 11% 😮💨
Why the drop? In plain English: no buyers stepping in + too many crowded longs.
❌ U.S. spot ETH ETFs have seen net outflows for eight straight days. Since September 29, cumulative outflows are around $640 million. Another $72.5 million flowed out on October 8, mostly from BlackRock’s ETHA.
❌ Around $1.1–1.2 billion in positions were liquidated across the market on October 8. ETH alone accounted for over $300 million—more than BTC. Longs were way too leveraged, so once prices broke down, it was a stampede.
❌ ETH reserves on exchanges have risen by about 230,000 over the past two-plus weeks. Coins moving onto exchanges—you know what that usually means.
❌ The 10-year U.S. Treasury yield surged to 5.35%, a new high for 2024. Risk assets across the board took a beating.
❌ ETH/BTC isn’t helping either: around 0.0300, down from 0.0318 a month ago.
But!!!
✅ A lot of leverage has already been flushed out, so the market is looking cleaner.
✅ Buyers stepped in at 2,406, leaving a long lower wick—the price didn’t just collapse.
✅ The fundamentals are still moving forward: the Glamsterdam upgrade is progressing on testnet, and the community is still discussing EIP-8361 (the more you stake, the more issuance gets burned). The long-term narrative is intact.
📍Levels I’m watching:
Support: 2,400–2,410 (this dip’s low) → 2,340–2,360 (the 30-day low of 2,358 + around the 100-day EMA)
Resistance: 2,520–2,550 (today’s high is holding it back) → 2,600 (the breakdown level) → 2,700
🎬 What could happen next:
Scenario A: If 2,400 holds and price gets back above 2,550, it’ll likely rebound to 2,600–2,700—that would mean this leverage flush was a fake-out 📈
Scenario B: If ETF outflows continue and 2,400 fails, price could head toward 2,350 to look for support. I’d scale in around there—no chasing, no going all-in 📉
I’m personally leaning toward A, but I’m positioning for B. When ETF outflows stop, that’ll be the real signal. I’m keeping an eye on that first.
⚠️Just my personal ramblings—not investment advice.
$ETH