Ethereum Blocked Below $2,400: Is The Network Becoming A Whale Hub?

Ethereum is struggling for momentum at spot rates. Even though there are hints of strength, the failure of bulls to flow back decisively is a concern. Still, even as buyers expect prices to inch higher, overcome $2,400, and quickly lift off above $3,000, the path of least resistance remains southwards. The local liquidation level that every trader should look for is $2,800. If buyers float above this line effortlessly, Ethereum can soar to as high as $3,300 in a refreshing buy trend continuation pattern.

Traders are optimistic about what lies ahead. However, Ethereum is yet to comprehensively decide the short-term trend. As things stand, sellers are in control. Coin trackers reveal that ETH is stable on the past day even though it is still down 2% in the previous week. Besides, the average trading volume is low, at around $14 billion at press time.

As bulls try to define the short-term trend, the following Ethereum trending news will reshape price action:

• The WazirX hacker, who made away with nearly $100 million in SHIB, is back. According to trackers, the entity moved $23.3 million worth of ETH and will likely dump. The address associated with the hacker moved 5,000 ETH to Tornado Cash, a mixer.
• Despite Ethereum validators increasing and the network taking steps to decentralize, a big chunk of the circulating supply, records show, is held by whales. According to data, over 58 million ETH, or 43% of the circulating supply, belong to large holders.

Ethereum Price Analysis

ETH/USD is steady at press time.

While there is hope, bulls have yet to reverse losses from September 7. Accordingly, sellers are in charge from a top-down preview.

Unless there is a recovery above $2,400, every high may offer entries for sellers targeting $2,100.

For the trend to change, buyers must conclusively push prices above $2,400. Preferably, trading volume should be rising. In that event, ETH may form the base for another leg up to $2,800, $3,000, and $3,300.

However, if there is a turn for the worse, forcing Ethereum below $2,100, there will be more pain for holders.