{"id":647491,"date":"2024-10-12T00:00:55","date_gmt":"2024-10-12T00:00:55","guid":{"rendered":"https:\/\/ktsl888.com\/?p=647491"},"modified":"2024-10-11T14:32:04","modified_gmt":"2024-10-11T14:32:04","slug":"over-52-million-eth-bought-at-2300-will-ethereum-bulls-defend-this-support","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/over-52-million-eth-bought-at-2300-will-ethereum-bulls-defend-this-support\/","title":{"rendered":"Over 52 Million ETH Bought At $2,300, Will Ethereum Bulls Defend This Support?"},"content":{"rendered":"

Ethereum is flat at press time, moving inside a narrow $400 range with caps at $2,300 on the lower end and $2,800 as the upper limit. Even though investors are upbeat, expecting prices to soar in the coming sessions, uncertainty continues to engulf the market.<\/span><\/p>\n

Ethereum Finds Support At $2,300: Over 52 Million ETH Bought<\/span><\/h2>\n

The second world’s most valuable coin is bearish, dumping by over 50% from July highs and unable to break the local resistance at $3,500. As traders closely monitor how price action pans out, one analyst has picked an interesting development from market data.<\/span><\/p>\n

Related Reading: Ethereum Faces \u2018Sell-Off Risk\u2019 If It Loses $2,300 Resistance \u2013 Analyst<\/a><\/div>\n

Citing IntoTheBlock data on October 11, the analyst <\/span>observes<\/span><\/a> that over 52 million ETH has been acquired by traders at around the $2,300 level. Considering the amount of coins in the hands of traders at this price, this zone is the immediate support.<\/span><\/p>\n

\"Strong
Strong support at $2,300 | Source: @ali_charts via X<\/figcaption><\/figure>\n

As such, if buyers have the upper hand, lifting prices from this point, this level will anchor the uptrend. If sellers double down, as has been the case in the past few trading months, the probability of ETH dropping below Q3 2024 lows will be elevated.<\/span><\/p>\n

Presently, the sentiment is bearish, as seen in the CoinMarketCap poll. Over 65% of ETH holders and traders expect<\/a> prices to struggle in the short term.<\/span><\/p>\n

\"Ethereum<\/a>
Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Therefore, how prices react at the local support will shape the short to medium-term formation. A surge, lifting ETH above $2,800, will be crucial in driving demand, providing the much-needed tailwinds for optimistic traders.<\/span><\/p>\n

USDT, USDC, And Stablecoin Market Cap Falling: Is Buying Power Dwindling?<\/span><\/h2>\n

Although optimism is high, other related market data points to weakness. Over the past few trading weeks, the market capitalization of stablecoins like USDT and USDC has been falling. As of October 10, the analyst <\/span>notes<\/span><\/a> it was down $780 million from recent swing highs, pointing to a possible drop in buying power.<\/span><\/p>\n

\"Stablecoin
Stablecoin market cap falling | Source: @ali_charts via X<\/figcaption><\/figure>\n

Usually, whenever USDC, USDT, and even DAI move to centralized exchanges, more users are keen on buying crypto assets, including ETH and BTC. However, if there is an outflow or its market cap dwindles, it may mean that more users are cautious and closely monitor events before committing. <\/span><\/p>\n

Typically, more coins, including stablecoins<\/a>, tend to find their way to centralized exchanges when there are concerns about market prospects. Such inflows tend to precede a market-wide correction. <\/span><\/p>\n

Related Reading: SUI Rallies 100%, But Signs Of Fatigue Emerge \u2013 Is A Drop Incoming?<\/a><\/div>\n

For now, inflows of ETH to centralized exchanges have not been picked. However, what’s been happening is that more holders have been staking. By mid this week, market data revealed that over 34 million ETH remain locked, earning holders a 3.3% APY.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum is flat at press time, moving inside a narrow $400 range with caps at $2,300 on the lower end and $2,800 as the upper limit. Even though investors are upbeat, expecting prices to soar in the coming sessions, uncertainty continues to engulf the market. Ethereum Finds Support At $2,300: Over 52 Million ETH Bought The second world’s most valuable coin is bearish, dumping by over 50% from July highs and unable to break the local resistance at $3,500. As traders closely monitor how price action pans out, one analyst has picked an interesting development from market data. Related Reading: Ethereum Faces \u2018Sell-Off Risk\u2019 If It Loses $2,300 Resistance \u2013 Analyst Citing IntoTheBlock data on October 11, the analyst observes that over 52 million ETH has been acquired by traders at around the $2,300 level. Considering the amount of coins in the hands of traders at this price, this zone is the immediate support. As such, if buyers have the upper hand, lifting prices from this point, this level will anchor the uptrend. If sellers double down, as has been the case in the past few trading months, the probability of ETH dropping below Q3 2024 lows will be elevated. Presently, the sentiment is bearish, as seen in the CoinMarketCap poll. Over 65% of ETH holders and traders expect prices to struggle in the short term. Therefore, how prices react at the local support will shape the short to medium-term formation. A surge, lifting ETH above $2,800, will be crucial in driving demand, providing the much-needed tailwinds for optimistic traders. USDT, USDC, And Stablecoin Market Cap Falling: Is Buying Power Dwindling? Although optimism is high, other related market data points to weakness. Over the past few trading weeks, the market capitalization of stablecoins like USDT and USDC has been falling. As of October 10, the analyst notes it was down $780 million from recent swing highs, pointing to a possible drop in buying power. Usually, whenever USDC, USDT, and even DAI move to centralized exchanges, more users are keen on buying crypto assets, including ETH and BTC. However, if there is an outflow or its market cap dwindles, it may mean that more users are cautious and closely monitor events before committing. Typically, more coins, including stablecoins, tend to find their way to centralized exchanges when there are concerns about market prospects. Such inflows tend to precede a market-wide correction. Related Reading: SUI Rallies 100%, But Signs Of Fatigue Emerge \u2013 Is A Drop Incoming? For now, inflows of ETH to centralized exchanges have not been picked. However, what’s been happening is that more holders have been staking. By mid this week, market data revealed that over 34 million ETH remain locked, earning holders a 3.3% APY. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":646021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,88535,16163,1946,6931,85694,78803],"class_list":["post-647491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-bulls","tag-eth-price","tag-ethereum","tag-ethereum-price","tag-ethereum-staking","tag-ethusdt"],"acf":[],"yoast_head":"\nOver 52 Million ETH Bought At $2,300, Will Ethereum Bulls Defend This Support?<\/title>\n<meta name=\"description\" content=\"Ethereum has strong support at $2,300 where over 52 million ETH have been bought. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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