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Ethereum (ETH) has seen a 10.3% drop from last week\u2019s highs following the recent market downturn. Its performance has worried many analysts and investors, considering ETH could be near another correction.<\/p>\n

Related Reading<\/span><\/h2>\n<\/p>\n
Ethereum Whales Send Millions To Exchanges<\/h2>\n
Ethereum has struggled to reclaim some key resistance levels since the October 1 correction<\/a>. On Tuesday, the cryptocurrency saw its price nosedive from the $2,600 zone to the $2,300 mark, hovering between the lower and higher range of that support level for the past few days.<\/p>\n
Since then, news of multiple investors moving their tokens has hit the industry, alarming the community. On-chain analytics firm Lookonchain revealed that an Ethereum Initial Coin Offering (ICO) participant sold their tokens as the market bleed.<\/p>\n
Per the report, the whale<\/a> deposited 12,010 ETH, worth $31.6 million, to Kraken a week ago after being inactive for two years. The same address sold another 19,000 ETH two days ago, around $47.54 million.<\/p>\n
Today, crypto analyst Ali Martinez highlighted<\/a> that on October 3, roughly $259.2 million worth of ETH had been sent to crypto exchanges. According to the CryptoQuant data shared by Martinez, 108,000 ETH were sent to exchanges in the last 24 hours, significantly increasing from the day before.<\/p>\n
The news continued to fuel the bearish sentiment among many community members, who are disappointed about Ethereum\u2019s performance and fear ETH\u2019s price could soon face significant selling pressure.<\/p>\n
$\"Ethereum\"$
The amount of ETH sent to exchanges skyrockets in the last 24 hours. Source: Ali Martinez on X<\/figcaption><\/figure>\n
Will ETH Revisit Lower Levels Soon?<\/h2>\n
Crypto investor Ted Pillows noted<\/a> that ETH has been \u201cone of the most underperforming cryptos in 2024.\u201d Despite the approval of Ethereum spot ETFs (exchange-traded funds), the crypto has \u201cunderperformed almost every large cap.\u201d<\/p>\n
He also pointed out that ETH surged alongside Bitcoin whenever the market was up but dropped significantly harder when the market struggled. \u201cWhenever BTC has pumped 5%, ETH has pumped 3%, but whenever BTC has dumped 5%, ETH has dumped 12%-15%,\u201d he remarked.<\/p>\n
However, Ted explained that every time Ethereum was considered \u201cdead,\u201d like in 2020-2021, it has eventually outperformed BTC. Based on this, the investor believes that \u2018the king of Altcoins\u2019 could face \u201cone last flush\u201d to $2,200 before the reversal.<\/p>\n
Similarly, trader Crypto General suggested<\/a> that the cryptocurrency could retest the $4,000 by next month as he expects ETH to bounce from the current levels. However, he asserted that if the price breaks the trendline, \u201cwe can easily see the price touching the $2100 level.\u201d<\/p>\n
Related Reading<\/span><\/h2>\n<\/p>\n
Other market watchers pointed out that Ethereum must reclaim the $2,400 resistance level to see a potential bounce toward $2,800. Previously, Daan Crypto Trades set the $2,850 resistance level as one of the key levels to watch.<\/a><\/p>\n
The analyst considers that reclaiming this level would signal a trend reversal for the cryptocurrency. This zone corresponds with the horizontal level that started the February-March run to ETH\u2019s yearly high of $4,090.<\/p>\n
As of this writing, ETH has seen a positive price jump, currently trading at $2,431. This performance represents a 4.3% surge in the daily timeframe.<\/p>\n
$\"ETH,$
Ethereum (ETH)\u2019s performance in the seven-day chart. Source: ETHUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n<\/p><\/div>\n

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Este art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol. Ethereum (ETH) has seen a 10.3% drop from last week\u2019s highs following the recent market downturn. Its performance has worried many analysts and investors, considering ETH could be near another correction. Related Reading Ethereum Whales Send Millions To Exchanges Ethereum has struggled to reclaim some key resistance levels […]<\/p>\n","protected":false},"author":1,"featured_media":105061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[180,378,3248],"class_list":{"0":"post-105060","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ethereum","8":"tag-eth","9":"tag-exchanges","10":"tag-revisit"},"_links":{"self":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/105060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/comments?post=105060"}],"version-history":[{"count":0,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/105060\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media\/105061"}],"wp:attachment":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media?parent=105060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/categories?post=105060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/tags?post=105060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}