$ETH Breaks Below 2,400: It’s Not the Only One Falling This Time
Weekend funds have yet to return, and Ethereum has already lost the $2,400 level. According to Binance market data, ETH briefly fell below 2,400 USDT on October 16 (2,396.73, down 2.26% in 24 hours). OKX data on October 17 also showed the price hovering below 2,400 (2,399.56). Technically, $2,353–$2,355 is the first support zone, while $2,498 and $2,548 are resistance levels the price needs to break through to rebound.
Cause: Inflation data came in much hotter than expected. September PPI rose 6.3% year over year and CPI rose 3.7%, both above forecasts, with energy accounting for most of the increase. Rate-hike expectations have returned, the 10-year U.S. Treasury yield is nearing its highs, the dollar is strengthening, and risk assets are under broad pressure.
Developments: Brent crude surged to $109.7, its highest level since May. The combination of higher oil prices and inflation has dealt a direct blow to risk appetite. On the spot market, Ethereum exchange reserves surged by about 290,000 ETH in three weeks, reaching their highest level since September 10, as sell-side supply grows. U.S. spot ETH ETFs saw net outflows of $60.2 million on Thursday alone, with outflows on 12 of the past 13 trading days. In derivatives, $72 million worth of ETH positions were liquidated in a single day, and longs have lost a cumulative total of about $500 million since Monday.
Impact: This looks more like a macro-driven, systemic pullback than a problem with Ethereum’s fundamentals. Keep an eye on two things: changes in rate expectations ahead of the Fed meeting on October 27–28, and when ETF flows will stop bleeding. If support gives way, the next test will be the $2,200 level.
This is not investment advice. DYOR—trading involves risk.
#ETHDropsBelow2400USDT
#以太坊 #ETF
Weekend funds have yet to return, and Ethereum has already lost the $2,400 level. According to Binance market data, ETH briefly fell below 2,400 USDT on October 16 (2,396.73, down 2.26% in 24 hours). OKX data on October 17 also showed the price hovering below 2,400 (2,399.56). Technically, $2,353–$2,355 is the first support zone, while $2,498 and $2,548 are resistance levels the price needs to break through to rebound.
Cause: Inflation data came in much hotter than expected. September PPI rose 6.3% year over year and CPI rose 3.7%, both above forecasts, with energy accounting for most of the increase. Rate-hike expectations have returned, the 10-year U.S. Treasury yield is nearing its highs, the dollar is strengthening, and risk assets are under broad pressure.
Developments: Brent crude surged to $109.7, its highest level since May. The combination of higher oil prices and inflation has dealt a direct blow to risk appetite. On the spot market, Ethereum exchange reserves surged by about 290,000 ETH in three weeks, reaching their highest level since September 10, as sell-side supply grows. U.S. spot ETH ETFs saw net outflows of $60.2 million on Thursday alone, with outflows on 12 of the past 13 trading days. In derivatives, $72 million worth of ETH positions were liquidated in a single day, and longs have lost a cumulative total of about $500 million since Monday.
Impact: This looks more like a macro-driven, systemic pullback than a problem with Ethereum’s fundamentals. Keep an eye on two things: changes in rate expectations ahead of the Fed meeting on October 27–28, and when ETF flows will stop bleeding. If support gives way, the next test will be the $2,200 level.
This is not investment advice. DYOR—trading involves risk.
#ETHDropsBelow2400USDT
#以太坊 #ETF