Ethereum Price Falls Below $2,400 Despite $155M Whale Buying

Ethereum price fell below $2,400 on October 22 despite substantial purchases by large cryptocurrency holders. Lookonchain reported one wallet acquiring 64,545 Ether (ETH) worth approximately $155 million over 11 days.

Separately, three addresses withdrew 24,454 ETH valued at $60.68 million from centralized exchanges. However, the transfers involved different activities and did not establish sustained spot-market demand.

Whale Sells BTC and Buys $155M in Ethereum

On October 22, blockchain tracker Lookonchain reported another large transaction by a wallet that has repeatedly exchanged Bitcoin for Ethereum. The holder sold 246.25 BTC worth approximately $20.64 million and purchased 8,286 ETH for roughly the same amount. The trade extended a series of conversions that Lookonchain has tracked over the past 11 days.

During that period, the wallet sold a combined 1,917.7 BTC worth about $159 million and bought 64,545 ETH valued at approximately $155 million. The reported purchases took place while Ethereum struggled to maintain its recent price recovery.

Additional Whales Withdraw Nearly $61 M in ETH

Separate transactions involved three large Ethereum holders moving funds away from centralized exchanges. One withdrew 10,954 ETH worth $26.97 million from Kraken and staked the tokens after four months without activity.

Another transferred 9,000 ETH valued at $22.42 million from Binance into the lending protocol Aave. A third withdrew 4,500 ETH worth $11.29 million from Binance. The three reported withdrawals covered different uses of ETH, including staking, lending, and transfers without a reported destination.

Together, those addresses withdrew 24,454 ETH valued at $60.68 million, according to Lookonchain data cited in market reports. Separate whale tracking data recorded 133 wallets adding more than 426,000 ETH.

Exchange flows also turned negative as withdrawals exceeded $365 million over 12 hours, with netflow near negative $30 million. The preceding 24-hour reading had registered about $21 million in net inflows.

Ethereum Price Retreats After $2,550 Rejection

Ethereum recently climbed from a trading range near $2,300 to $2,400 and reached approximately $2,526 before reversing. Analyst Ted identified resistance between $2,530 and $2,550, where the latest advance stalled.

ETH subsequently returned toward $2,400, giving back much of the week’s earlier progress. ETH traded near $2,410 during the latest pullback. At the time of writing, ETH crypto traded around $2,405, down 2% on the day.

Momentum readings remained weak despite the whale transactions. Ethereum’s relative strength index stood near 42, below the neutral level of 50. The positive directional indicator hovered around 17, while the negative directional indicator remained higher.

Ethereum Price Tracks $2,400 Support

Ted warned that a weekly close below $2,400 could precede another 7% to 10% decline. Initial support stands near $2,351, followed by another level around $2,169. Lower reference levels sit near $1,965 and $1,713.

ETH crypto breaking below $2,400 would place attention on those levels, although the analyst’s forecast remains conditional on the weekly close.

For buyers, the first hurdle remains the $2,530 to $2,550 area that rejected the latest advance. Another analysis placed $2,700 within reach if ETH regained $2,500. Additional resistance stands near $2,800, followed by approximately $2,922 and $3,447.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry substantial volatility and liquidation risks. Readers should conduct independent research before making investment decisions.