October 1, 2024

Ethereum foundation and dormant Whale offloading more ETH prevents ETH from crossing $2820.

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Ethereum foundation offloads-

Wallet “0x556,” associated with VitalikButerin, deposited the last 649 ETH to Paxos. Notably, on Sep 19, wallet “0x556” received 1,300 ETH from wallet “0xd04,” which got funded with 70K ETH by Vitalik Buterin in 2022. Over the past 11 days, it deposited all 1,300 ETH to Paxos at an average price of $2581 ($3.35 M) as the ETH price recovered.

Whale selling –

An ancient ETH whale who had been dormant for months dumped 12979 ETH the previous week. The whale has sold 15,879 ETH since May at an average price of $2739.

The intraday bullishness is possible if it holds above $2820.On the higher side, the near-term resistance is 2820. Any significant jump above targets $3000/$3200. Significant bullish continuation only above $3400.

The immediate support is around $2500. Any breach below $2500 confirms bearish continuation. A dip to $2300/$2100/$1800/$1500 is possible. A violation below $1500 will drag the Ethereum to $1000.

It is good to buy above $2820 with SL around $2700 for TP of $3200.

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