Ethereum Falls Below $4,000: Is This a Correction or a Buying Possibility?
New York, NY - September 26, 2024 – The cryptocurrency market experienced important volatility today as Ethereum (ETH), the second-largest cryptocurrency by market capitalization, dipped below the crucial $4,000 threshold for the first time since early August. This move has sparked debate among investors: is this the beginning of a larger correction, or a temporary setback offering a potential entry point?
Key Levels and On-Chain Activity
The breach of $4,000 represents a significant psychological barrier broken. Ethereum is now testing key support levels, with particular attention focused on $4,100 – a price point representing the average purchase price for many major investors. Despite the downward pressure, on-chain data reveals intriguing activity:
* ETH Leaving Exchanges: Over 420,000 ETH have been withdrawn from cryptocurrency exchanges this week, suggesting investors are moving their holdings to longer-term storage.
* Accumulation by Large Players: A significant 1.28 million ETH, valued at over $5.3 billion, has been deposited into “collector wallets
