108,000 ETH Sent To Exchanges, Will It Revisit $2,200?

Ethereum (ETH) has seen a 10.3% drop from last week’s highs following the recent market downturn. Its performance has worried many analysts and investors, considering ETH could be near another correction.

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Ethereum Whales Send Millions To Exchanges

Ethereum has struggled to reclaim some key resistance levels since the October 1 correction. 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.

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.

Per the report, the whale 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.

Today, crypto analyst Ali Martinez highlighted 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.

The news continued to fuel the bearish sentiment among many community members, who are disappointed about Ethereum’s performance and fear ETH’s price could soon face significant selling pressure.

Will ETH Revisit Lower Levels Soon?

Crypto investor Ted Pillows noted that ETH has been “one of the most underperforming cryptos in 2024.” Despite the approval of Ethereum spot ETFs (exchange-traded funds), the crypto has “underperformed almost every large cap.”

He also pointed out that ETH surged alongside Bitcoin whenever the market was up but dropped significantly harder when the market struggled. “Whenever BTC has pumped 5%, ETH has pumped 3%, but whenever BTC has dumped 5%, ETH has dumped 12%-15%,” he remarked.

However, Ted explained that every time Ethereum was considered “dead,” like in 2020-2021, it has eventually outperformed BTC. Based on this, the investor believes that ‘the king of Altcoins’ could face “one last flush” to $2,200 before the reversal.

Similarly, trader…