Ethereum is down when writing, mirroring the general performance across the board. The nearly 2% drop in the crypto scene is due to the contraction of Bitcoin, Ethereum, and top altcoins. At present, the total market cap is down to $2.17 trillion. It could post even more losses should bears press on, reversing the gains of September.<\/p>\n
In the last week alone, CoinMarketCap data shows<\/a> that Ethereum is down 10%, pushing losses below $2,400, a former support, now resistance. While it could appear that the sharp dump of the better part of this week is discouraging participation, some traders are accumulating at around spot rates.<\/p>\n IntoTheBlock data<\/a> on October 3 shows that 1.89 million Ethereum addresses bought 52 million ETH at around the $2,311 and $2,383 range. That a large amount of buyers choose to buy, on average, at $2,350 means this is a support level that traders should closely watch.<\/p>\n Considering the number of ETH accumulated, sellers would need to exert more effort to break below this level, forcing the coin towards $2,100 and August lows. Comparing traders\u2019 action and the September range, the $2,350 level falls at around 61.8% and 78.6% Fibonacci retracement levels.<\/p>\n Technically, crypto prices, including ETH, tend to find support around this Fibonacci retracement zone. Accordingly, how prices react between the $2,100 and $2,350 zone will likely shape the medium to long-term trend.<\/p>\n Related Reading: What\u2019s Holding Bitcoin Back? Analyst Says $71,000 Is The Magic Number<\/a><\/p>\n A refreshing bounce around this emerging support and Fibonacci retracement zone would be a massive boost. In this case, ETH could rally, even above $2,800, as bulls target $3,500.<\/p>\n <\/a><\/p>\n Conversely, any sharp dump below August and September lows may easily trigger panic selling. Out of this, ETH can slump below $2,100 and $2,000 and may fall to as low as $1,800, confirming losses of early August.<\/p>\n Considering the state of price action, sellers have the upper hand. Over the past few trading sessions, centralized exchanges have had massive outflows.<\/p>\n Earlier today, The Data Nerd revealed<\/a> that Wintermute, a crypto market maker, moved 14,221 ETH to Binance, indicating that they might sell. In August, Wintermute and other leading market makers, including Jump Capital<\/a>, sold over 130,000 ETH, forcing prices lower.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum is down when writing, mirroring the general performance across the board. The nearly 2% drop in the crypto scene is due to the contraction of Bitcoin, Ethereum, and top altcoins. At present, the total market cap is down to $2.17 trillion. It could post even more losses should bears press on, reversing the gains […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11425","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11425"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11425"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11425\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What\u2019s Next For ETH?<\/h2>\n