Ethereum Fallsโฃ Below $4,000: Is This a Correction โคor a Buying Possibility?
New York, NY โ- September 26, 2024 – The cryptocurrency market experienced important volatility today as Ethereum โ(ETH), the second-largest cryptocurrencyโ by market capitalization, dipped below the crucial $4,000 threshold for the first time since early โคAugust. This move has sparked debate among investors: is this the โbeginning โคof a larger โcorrection, or a temporary setback โฃoffering a potentialโฃ entry point?
Key Levels and On-Chain โActivity
The breach ofโฃ $4,000 represents a significant psychological barrier broken. Ethereum is now testingโค key support levels, with particular attention focused on โ$4,100 – a price point representing the average purchase price for many major investors. โDespite the downward pressure,โ on-chain data reveals intriguing activity:
* ETH Leaving โExchanges: โ Over 420,000 ETH have been โฃwithdrawn from โcryptocurrency exchanges this week, suggesting investors are movingโค their holdings to โlonger-term storage.
* Accumulationโ by Large Players: โค A significant โ1.28 million ETH, valued at over $5.3 billion, has been โขdeposited โฃinto “collector wallets