Ethereum price plunged 1.67% during the Sunday trading session to reach $2570 and a market cap of $309.5 Billion. While this bearish turnaround is expected as a temporary pullback for buyers to recuperate the bullish momentum, a recent sell-off crypto whale sparks the possibility for further correction. Will $2k ETH return?

Ethereum Price: Will It Hit $2K or $3K by the End of September?

According to the Spotonchain, a “diamond-hand whale” identified as “0x682” deposited 15,000 ETH (worth $38.4 million) to Kraken earlier today. Interestingly, this whale’s previous sell-off coincided with a significant drop in Ethereum price. Notably, on July 25, the whale offloaded 10,000 ETH just before a 7.6% price decline, and similarly, on August 20, 15,000 ETH was sold before a 2.5% drop.

Currently, this whale holds 26,639 ETH (worth approximately $69.7M), with an estimated total profit of $132M (+86%).

Given this whale’s track record, the Ethereum price prediction could face a deeper correction and retest the $2000 support.

The diamond-hand whale “0x682” deposited 15,000 $ETH ($38.4M) to #Kraken again 8 hours ago!

Notably, in the last 2 deposits, the whale unloaded $ETH right before the price dropped sharply, including:
• 10K $ETH ($34.2M) on Jul 25, before a 7.6% price drop,
• 15K $ETH ($39.7M)… https://t.co/VZglPwpAFd pic.twitter.com/cUNkwvL9VZ

— Spot On Chain (@spotonchain) September 22, 2024

In addition, the Ether supply on exchange has steadily grown to 21.43 Million ETH, according to the latest data from Santiment. Generally, the increasing supply on exchange raises the risk of potential sell-off and accelerates the downward pressure on an asset.

Ethereum (ETH) Supply on Exchange | Santiment

ETH Price 9% Away From Major Breakout 

The Ethereum price has showcased a sustained recovery from $2150 to $2564 in the last two weeks, accounting for a 19.28% growth. This bullish recovery was largely driven by the U.S. Federal Reserve rate cut and Bitcoin price jump above $60000.

In the daily time frame chart, the ETH price shows the formation of a double-bottom reversal pattern. If the pattern holds true, the buyers could push a 9% surge to challenge the $2800 resistance back by 100-day resistance. A potential breakout from this resistance will intensify the bullish momentum, push the asset above $3000, and hit the $3500 barrier.

ETH/USD -1d Chart

Alternatively, if the overhead supply at $2800 persists, the Ethereum price could revert back to $2000 and continue a consolidation trend.

The post $2K or $3K: Where Will Ethereum Price Head by September’s End? appeared first on CoinGape.

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Filed under: News - @ September 22, 2024 5:20 pm