$2K or $3K: Where Will Ethereum Price Head by September’s End?

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As a seasoned analyst with years of experience navigating the volatile world of cryptocurrencies, I find myself intrigued by the current state of Ethereum. The recent move by the “diamond-hand whale” 0x682, who deposited 15,000 ETH to Kraken, has me cautiously optimistic about the short-term prospects for ETH.

During the trading session on Sunday, the price of Ethereum dropped 1.67% to reach $2570 and a market capitalization of $309.5 billion. This downturn in price is thought to be a temporary setback for buyers to regain their bullish momentum, but a large-scale sale of Ethereum by a major crypto investor (often referred to as a “whale”) has raised the possibility of additional corrections. Could we see Ethereum prices drop down to $2000 again?

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

As an analyst, I’ve noticed something intriguing today: A “diamond-hand whale” with the identifier “0x682” deposited approximately 15,000 ETH (equivalent to around $38.4 million) into Kraken. This is interesting because past sell-offs by this whale seem to have preceded significant drops in Ethereum’s price. For instance, on July 25, this entity sold off 10,000 ETH just before a 7.6% price decrease, and similarly, on August 20, a sale of 15,000 ETH occurred prior to a 2.5% drop. This pattern is worth keeping an eye on in the near future.

At the moment, this whale is in possession of about 26,639 Ethereum, which is roughly equivalent to $69.7 million. This whale’s total earnings are estimated to be around $132 million, marking an increase of approximately 86%.

Based on the whale’s past behavior, there’s a possibility that the Ethereum price might experience a more significant dip and return to the $2000 level for potential support.

The diamond-hand whale “0x682” deposited 15,000 $ETH ($38.4M) to #Kraken again 8 hours ago!
Significantly, over the past two transactions, this whale sold approximately $34.2 million and $39.7 million worth of ETH. Interestingly, these sales occurred just prior to a steep 7.6% price drop on July 25th, and another unspecified date.
— Spot On Chain (@spotonchain) September 22, 2024

Moreover, recent data from Santiment indicates that the amount of Ether held on exchanges has gradually risen to approximately 21.43 Million ETH. This trend typically increases the likelihood of a possible sell-off, which in turn intensifies the negative influence on the asset’s value.

$2K or $3K: Where Will Ethereum Price Head by September’s End?

ETH Price 9% Away From Major Breakout 

Over the past fortnight, the Ethereum price has demonstrated a steady increase from approximately $2150 to $2564, representing an impressive 19.28% growth. This upward trend can largely be attributed to the U.S. Federal Reserve’s interest rate reduction and Bitcoin‘s surge above $60,000, which have both significantly contributed to this bullish momentum.

On a day-to-day price chart, Ethereum appears to be forming a double-bottom reversal pattern. If this pattern continues, strong buying activity could drive a 9% increase, aiming to break through the resistance at around $2800, which is also supported by the 100-day resistance. A successful breach of this resistance level would strengthen the bullish trend, propelling Ethereum above $3000 and potentially encountering the $3500 barrier.

$2K or $3K: Where Will Ethereum Price Head by September’s End?

If the cost per Ethereum remains high at around $2800, it’s possible that its price might fall back to approximately $2000, potentially starting a period of price stability or sideways movement.

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2024-09-22 20:30