Ethereum (ETH) has entered a decisive phase after a sharp sell-off erased much of its recent gains and pushed the price toward the closely watched $2,200 level. The move followed repeated failures to break above the $2,500–$2,550 zone, triggering liquidations.

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With large holders taking opposing positions and on-chain data flashing caution, ETH is now at a point where both downside risk and rebound potential remain firmly in play.

ETH's price records major losses across the board. Source: ETHUSD on Tradingview

Ethereum Price Structure Weakens as $2,200 Comes Into Focus

Ethereum (ETH) has fallen more than 20% from recent highs, briefly trading below $2,220 before stabilizing.

The drop pushed ETH below the $2,300–$2,400 range and under key short-term moving averages, shifting near-term control toward sellers. Technical data shows a developing bearish trend line around $2,400–$2,420, an area that would need to be reclaimed to ease downside pressure.

The $2,200 zone is now acting as the main support. A sustained break below this level could expose deeper downside toward $2,050 or psychological $2,000 mark. Momentum indicators remain cautious, with the hourly RSI below 50 and MACD still aligned with bearish momentum, suggesting buyers have yet to regain control.

Exchange Inflows and Liquidations Signal Distribution Risk

On-chain data has added to concerns. Exchange inflows surged ahead of the breakdown, with roughly 600,000 ETH moving onto major exchanges in a single day, including a sharp spike into Binance. Such inflows are often associated with selling, hedging, or risk reduction rather than accumulation.

At the same time, derivatives markets saw heavy stress. ETH-related liquidations reached about $280 million over 24 hours, surpassing Bitcoin and confirming that long positions were crowded near recent highs.

The unwind’s speed suggests structural weakness, as spot demand failed to absorb forced selling once support levels gave way.

Whale Longs Add a Bullish Counterweight

Despite bearish flow data, whale activity tells a more mixed story. According to on-chain analysts, dormant wallets reactivated after five years and posted over 45,000 ETH as collateral to open a large coin-margined long, borrowing roughly $100 million.

This move highlights growing divergence at current levels, with some institutions deleveraging while certain large holders add exposure.

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This clash between whale longs and bearish exchange flows shows the uncertainty around $2,200. A rebound above $2,420 could shift momentum back toward buyers, while failure to hold current support may confirm that distribution pressure remains dominant.

Cover image from ChatGPT, ETHUSD on Tradingview

Bitcoin price started a downside correction from $94,500. BTC is now struggling and might dip toward the key support at $89,000.

• Bitcoin started a downside correction and traded below the $92,000 zone.
• The price is trading below $92,000 and the 100 hourly Simple moving average.
• There is a bearish trend line forming with resistance at $92,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move down if it stays below the $92,500 zone.

Bitcoin Price Starts Downside Correction

Bitcoin price failed to stay above $94,000 and started a downside correction. BTC dipped below $93,200 and $92,500 to enter a short-term bearish zone.

The price even dipped below $92,000 and tested $90,650. A low was formed at $90,666 and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the recent decline from the $93,771 swing high to the $90,666 low.

Bitcoin is now trading below $92,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $92,650 on the hourly chart of the BTC/USD pair.

If the price remains stable above $90,500, it could attempt a fresh increase. Immediate resistance is near the $91,400 level. The first key resistance is near the $92,200 level and the 50% Fib retracement level of the recent decline from the $93,771 swing high to the $90,666 low.

The next resistance could be $92,500. A close above the $92,500 resistance might send the price further higher. In the stated case, the price could rise and test the $93,050 resistance. Any more gains might send the price toward the $93,800 level. The next barrier for the bulls could be $94,000 and $94,500.

More Downsides In BTC?

If Bitcoin fails to rise above the $92,500 resistance zone, it could start another decline. Immediate support is near the $90,500 level. The first major support is near the $90,000 level.

The next support is now near the $89,000 zone. Any more losses might send the price toward the $87,200 support in the near term. The main support sits at $86,000, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $90,500, followed by $90,000.

Major Resistance Levels – $92,200 and $92,500.

A top executive of a New York-based global investment firm made an audacious claim that Bitcoin breaching the six-figure price will happen very soon.

SkyBridge Capital founder Anthony Scaramucci said that in the next two years, BTC will be traded at $176,000, joining other crypto investors who believed that the oldest cryptocurrency is ripe for a six-figure price per coin.

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Bitcoin To Rally Threefold

Scaramucci hailed the alpha crypto asset for sustaining a price surge in only a short period, adding that it sees the digital asset to further surge in the next two years.

Scaramucci’s statement was timely as BTC today regained its momentum and once again hit the $70,000 level after the crypto scared many investors as the digital asset slid further down to $68,000 yesterday.

According to Scaramucci, he has an ambitious prediction on Bitcoin, saying that by mid-2026, the cryptocurrency will be traded at $176,000. In the previous days, several notable crypto personalities shared the same vision with Scaramucci of the likelihood that BTC will hit the six-figure mark. One of which even predicted a price of $220,000.

SkyBridge’s Scaramucci says US will solve debt crisis, bitcoin to triple by 2026 https://t.co/aKYDI6vW2N pic.twitter.com/1BQCdomKHy

— Reuters (@Reuters) October 30, 2024

The SkyBridge founder explained that the cryptocurrency could experience a threefold rise in its price in 18 to 20 months, saying that the rally is highly plausible because there is a growing demand for the coin, but the supply is fixed which is the right ingredients for an exponential price uptick.

A Kamala Harris Supporter

Scaramucci is among the few known crypto investors who announced their support for the presidential candidacy of current US Vice President Kamala Harris.

Scaramucci disclosed in previous interviews that Harris would be endorsing Bitcoin once she got elected to the White House.

The SkyBridge managing partner has been working closely with the camp of the Vice President to craft policies that will allow cryptocurrency to thrive under her administration.

He added that there had been development in Harris’ crypto agenda which he plans to reveal soon.

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BTC-Gold Connection

In a separate interview, Scaramucci supported the relationship between gold and Bitcoin, saying that BTC is comparable to gold as an asset.

The SkyBridge founder described the firstborn virtual coin as the digital gold of the cryptocurrency world. He noted that other leading financial experts, including BlackRock CEO Larry Fink, also believe in the Bitcoin-gold comparison, predicting that BTC would reach half of the gold’s market cap.

He suggested that it would take Bitcoin about 10 years to attain such a milestone which would greatly benefit its investors since they would get a tenfold return on their BTC investments.

At the time of writing, gold is being traded at $2,754 per ounce, a new all-time high, and boasts a market cap of $18.494 trillion.

Featured image from DALL-E, chart from TradingView