ETH Plunges Below $2,364 – What’s Next?


Ethereum (ETH) price dropped over 1% today, reaching $2,364. The coin’s low was $2,311.03, while its high touched $2,402.86. This decline coincides with a $3.20 million outflow from spot Ethereum ETFs as of October 3, based on Sosovalue data. Meanwhile, increased whale activity, as reported by Whale Alert, has added to market speculation about ETH’s future. Investors are closely monitoring the ETH price prediction, especially as Ethereum’s market cap now sits at $284.76 billion, suggesting potential volatility ahead.

Key Technical Insights



  1. Breaking Below Key Levels: Ethereum recently broke below its 50-day Exponential Moving Average (EMA) at $2,569. It also closed under a critical support level of $2,461 on Tuesday, contributing to a 9% price decline by Thursday. However, the coin found some stability at around $2,300 on Friday.

  2. Next Potential Movements: If Ethereum fails to rise above the $2,461 resistance and stays below its 50-day EMA, it could drop further to retest its September 6 low of $2,155.

  3. On the upside, if the price breaks and closes above $2,461 and its 50-day EMA, the next target could be the August 24 high of $2,820.

Also Read: Ethereum Classic Price Prediction 2024-2030: Will ETC Price Cross $50?

Strong On-Chain Activity Despite Price Decline

Even with the recent price dip, Ethereum’s network activity remains strong. The blockchain continues to lead in decentralized application (DApp) usage, showing significant growth in several areas:

  • 27% Increase in Active Addresses: Over the past week, Ethereum has seen a 27% rise in active addresses.
  • 41% Rise in Trading Volume: Ethereum’s trading volume also jumped by 41%, indicating that market interest remains high.
  • Uniswap Sees a 33% Increase: Uniswap, a leading decentralized exchange (DEX), saw a 33% growth in trading volume.
  • Balancer Volume Surges by 122%: Balancer, another major DEX, experienced a 122% surge in volume, hitting $5.4 billion over the past seven days.

Analyst Predictions: What’s Next for Ethereum?

Prominent crypto analyst Carl Runefelt warned that if Ethereum fails to hold its current trendline support, the next target could be its yearly low of $2,150. A drop to this level could trigger more selling pressure, shaking out investors who were hoping for a bullish recovery.

On the other hand, if Ethereum manages to break above the $2,461 resistance level, a rally toward $2,820 could be on the horizon.

Ethereum at a Crossroads

Ethereum is facing significant downward pressure, and reclaiming the $2,300 support level is critical to avoid further declines. While technical indicators point to bearish momentum, Ethereum’s strong network activity, including rising active addresses and transaction volumes, provides some optimism. Investors should watch key resistance levels closely in the coming days to determine Ethereum’s next move.

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