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Ethereum Finds Support at $2,300: Over 52 Million ETH Bought
Ethereum is Flat at Press Time, Moving Inside a Narrow $400 Range
Ethereum is currently flat at press time, moving inside a narrow $400 range with caps at $2,300 on the lower end and $2,800 as the upper limit. Despite investors being upbeat, expecting prices to soar in the coming sessions, uncertainty continues to engulf the market.
Over 52 Million ETH Bought at $2,300 Level
According to IntoTheBlock data on October 11, an analyst observes that over 52 million ETH has been acquired by traders at around the $2,300 level. Considering the amount of coins in the hands of traders at this price, this zone is the immediate support.
As such, if buyers have the upper hand, lifting prices from this point, this level will anchor the uptrend. If sellers double down, as has been the case in the past few trading months, the probability of ETH dropping below Q3 2024 lows will be elevated.
Presently, the Sentiment is Bearish
Presently, the sentiment is bearish, as seen in the CoinMarketCap poll. Over 65% of ETH holders and traders expect prices to struggle in the short term.
Therefore, how prices react at the local support will shape the short to medium-term formation. A surge, lifting ETH above $2,800, will be crucial in driving demand, providing the much-needed tailwinds for optimistic traders.
USDT, USDC, And Stablecoin Market Cap Falling: Is Buying Power Dwindling?
Although optimism is high, other related market data points to weakness. Over the past few trading weeks, the market capitalization of stablecoins like USDT and USDC has been falling. As of October 10, the analyst notes it was down $780 million from recent swing highs, pointing to a possible drop in buying power.
Usually, whenever USDC, USDT, and even DAI move to centralized exchanges, more users are keen on buying crypto assets, including ETH and BTC. However, if there is an outflow or its market cap dwindles, it may mean that more users are cautious and closely monitor events before committing.
Typically, more coins, including stablecoins, tend to find their way to centralized exchanges when there are concerns about market prospects. Such inflows tend to precede a market-wide correction.
Conclusion
FAQs
What is the current price of Ethereum?
The current price of Ethereum is between $2,300 and $2,800.
What is the sentiment in the market?
The sentiment is bearish, with over 65% of ETH holders and traders expecting prices to struggle in the short term.
What is the trend in stablecoin market capitalization?
The market capitalization of stablecoins like USDT and USDC has been falling.
What is the current market situation?
The market is currently uncertain, with some investors being optimistic and others being bearish. The movement of prices will be shaped by the reaction at the local support.
