According to cryptocurrency analysis firm LookOnChain, an Ethereum (ETH) investor withdrew 17,135 ETH, worth more than $40 million, from staking. The investor has deposited 16,750 ETH, worth roughly $39.75 million, to Kraken. LookOnChain said the ETH whale sold 5000 tokens worth $11.7 million on Oct. 3, 2024.
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Ethereum Dips Amid Sell-Off
The whale’s recent sale coincides with ETH’s current market dip. The asset has fallen 10.1% in the weekly charts, 6.3% in the 14-day charts, and 0.4% over the previous month. Despite the correction, ETH has gained 2.2% in the last 24 hours and 45.3% since October 2023.
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The sell-off may be due to market fears arising from growing geopolitical tensions in the Middle East. Investors may be weary about pouring funds into risky assets, anticipating further market corrections.
Will The Cryptocurrency Recover?
According to CoinCodex analysts, Ethereum (ETH) will continue trading below $2,500 till early November. The platform predicts the asset will hit $2,541 on November 2, 2024. Hitting $2,541 from current levels will translate to a rally of about 6.32%.
Changelly analysts also present a similar forecast for Ethereum (ETH). The platform predicts ETH will consolidate around current price levels for the next few weeks before breaching the $2,500 mark in early November. The platform anticipates ETH to trade at $2,524.44 on Nov. 1, 2024.
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ETH may recover its momentum later this month, given that October is usually a bullish month for the cryptocurrency market. Traders also expect the Federal Reserve to cut interest rates by another 25 basis points in November, which could trigger a rally.