Ethereum

2024

<ul class="wp-block-list"> 
 <li><strong>An Ethereum ICO whale transferred 21,490 ETH worth $55.2 million to Kraken.</strong></li> 
 <li><strong>Ethereum spot ETFs faced net outflows of $48.519 million on October 1, the largest since September 3.</strong></li> 
</ul> 
<p>As of October 1, Ethereum’s current price stands at $2,474, reflecting a 6.20% decrease over the past day. The market cap has similarly declined by 5.18%, currently sitting at $299.87 billion. Despite this price drop, the 24-hour trading volume has increased by 46.66%, reaching $25.27 billion.<br><br>Ethereum’s market has undergone significant changes recently, primarily driven by whale activity. An Ethereum<a href="https://x.com/spotonchain/status/1841295108928684273" target="_blank" rel="noreferrer noopener nofollow"> ICO whale</a>, known as “0xb8c,” transferred 21,490 ETH, worth approximately $55.2 million, to Kraken over the past seven days. This whale initially received 150,000 ETH from the 2015 ICO and has been gradually offloading their holdings over the years. Recent major sales include 5,000 ETH sold to Bitfinex in July 2019 at $218.6 per ETH and 10,000 ETH sold to Kraken in June 2024 at $3,542 per ETH, just before a price drop.&nbsp;</p> 
<p>Additionally, the whale sold 30,000 ETH to<a href="https://thenewscrypto.com/xrp-eyes-key-support-level-as-price-dips-amid-overall-market-sell-off/https://thenewscrypto.com/xrp-eyes-key-support-level-as-price-dips-amid-overall-market-sell-off/https://thenewscrypto.com/xrp-eyes-key-support-level-as-price-dips-amid-overall-market-sell-off/" target="_blank" rel="noreferrer noopener"> Kraken</a> in late September and early October 2024 at $2,580 per ETH. Currently, this whale controls approximately 110,000 ETH, valued at around $271 million, distributed across eight wallets. The last deposit occurred just two hours ago, suggesting further potential sell-off pressure, which could negatively impact the price.</p> 
<h2 class="wp-block-heading" id="h-ethereum-eth-technical-indicators-and-etf-outflows">Ethereum (ETH) Technical Indicators and ETF Outflows</h2> 
<p>This significant rise in volume indicates heightened<a href="https://thenewscrypto.com/xrp-eyes-key-support-level-as-price-dips-amid-overall-market-sell-off/" target="_blank" rel="noreferrer noopener"> market </a>activity, possibly as traders react to recent developments.</p> 
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  <img decoding="async" width="1024" height="447" src="https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSDT_2024-10-02_11-33-21-1-1024x447.png" alt="" class="wp-image-109649" srcset="https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSDT_2024-10-02_11-33-21-1-1024x447.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSDT_2024-10-02_11-33-21-1-300x131.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSDT_2024-10-02_11-33-21-1-768x335.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSDT_2024-10-02_11-33-21-1-1536x671.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/10/ETHUSDT_2024-10-02_11-33-21-1.png 1814w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Technically, Ethereum is currently facing a support level of $2,480 and a resistance level of $2,800. The Relative Strength Index (RSI) is at 46.24, showing a lack of strong buying pressure, while the RSI average is at 55.82, suggesting that Ethereum is in a neutral position.</p> 
<p>The Ethereum spot ETF market also saw notable activity on October 1, <a href="https://x.com/spotonchain/status/1841329471695237173" target="_blank" rel="noreferrer noopener nofollow">experiencing </a>the largest net outflows of $48.519 million from September 3. Grayscale’s ETHE reported outflows of $26.64 million, while Fidelity FETH faced outflows of $24.97 million. However, Bitwise’s ETHW ETF recorded a smaller outflow of $0.9 million. On a positive note, VanEck’s ETHV saw inflows of $2.7 million, and 21Shares’ CETH experienced $1.2 million in inflows, providing some relief amidst the overall outflow trend.<br><br>These mixed signals reflect ongoing market caution, with investor sentiment leaning towards risk aversion. The current price of Ethereum, combined with whale activity and ETF outflows, underscores the prevailing bearish trend. Continued monitoring of whale movements and ETF performance remains crucial as the market navigates these pressures.</p>

Are Ethereum Whales Driving the Recent 6% Drop in ETH?

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