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Market participants have pulled 29,378 ETH from exchanges, indicating a shift towards holding rather than trading. This contrasts with recent activity where 312,183 ETH were deposited, showing mixed behaviors among investors. The net outflow suggests some investors are optimistic about Ethereum’s long-term value. If this withdrawal trend continues, it could help stabilize or even raise Ethereum's price. Overall, these changes in exchange activity are important for understanding market sentiment.
As of late October 2024, the number of Ethereum (ETH) addresses holding at least $1 million has greatly increased, showing rising confidence in the cryptocurrency market. This growth reflects the price of Ethereum fluctuating between $2,700 and $4,000. The rise in high-value addresses is driven by factors like the approval of spot Ethereum ETFs and increased interest from institutions. Analysts believe that if this trend continues, the total value of ETH in these addresses could exceed $80 billion by the end of the year.
ETH reserves-
As of mid-October 2024, Ethereum's reserves on exchanges have fallen to about 16.9 million ETH, down from 18.8 million ETH at the beginning of the year. This decrease of over 10% marks the lowest level since July 2016. At current prices, these reserves are worth around $58.3 billion.
The intraday bullishness is possible if it holds above $2770.On the higher side, the near-term resistance is 2770. Any significant jump above targets $2820/ $3000/$3200. Significant bullish continuation only above $3400.
The immediate support is around $2500. Any breach below $2500 confirms bearish continuation. A dip to $2100/$2000/$1800/$1500 is possible. A violation below $1500 will drag the Ethereum to $1000.
It is good to buy on dips around $2500 with SL around $2300 for TP of $2820.
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