Ethereum slipped below $2,400 on October 22 even as large cryptocurrency holders continued to accumulate substantial amounts of the token, according to on-chain data.

Blockchain tracker Lookonchain reported that one wallet acquired 64,545 Ether (ETH) worth approximately $155 million over the past 11 days. Separately, three addresses withdrew 24,454 ETH valued at $60.68 million from centralized exchanges. However, the transfers reflected a range of activities rather than sustained spot-market buying, and the price failed to hold the $2,400 level. On-chain activity of this kind is tracked as a gauge of how large holders are positioning, though the transfers alone do not reveal the intent behind them.

Wallet Exchanges $159 Million in Bitcoin for Ethereum

On October 22, Lookonchain reported another large transaction by a wallet that has repeatedly converted Bitcoin into Ethereum. The holder sold 246.25 BTC worth approximately $20.64 million and purchased 8,286 ETH for roughly the same amount.

The trade extended a series of conversions that Lookonchain has tracked over the past 11 days. During that span, the wallet sold a combined 1,917.7 BTC worth about $159 million and bought 64,545 ETH valued at approximately $155 million. The purchases took place while Ethereum struggled to sustain its recent price recovery.

Three Whales Withdraw Nearly $61 Million in ETH

In separate transactions, three large Ethereum holders moved funds away from centralized exchanges. One wallet withdrew 10,954 ETH worth $26.97 million from Kraken and staked the tokens after four months without activity. Another transferred 9,000 ETH valued at $22.42 million from Binance into the lending protocol Aave. A third withdrew 4,500 ETH worth $11.29 million from Binance.

Staking commits ETH to helping validate the network in exchange for rewards, while deposits into Aave, a decentralized lending protocol, let holders borrow against their tokens. Both keep ETH outside exchange balances for as long as it remains deployed.

According to Lookonchain data cited in market reports, the three addresses together removed 24,454 ETH valued at $60.68 million. The withdrawals covered different uses of ETH, including staking, lending, and transfers without a reported destination.

Broader whale-tracking data recorded 133 wallets adding more than 426,000 ETH. Exchange flows also turned negative: withdrawals exceeded $365 million over 12 hours, producing a netflow near negative $30 million. The preceding 24-hour reading had registered about $21 million in net inflows. A negative netflow means more ETH left exchanges than arrived on them, leaving smaller balances on those venues.

Ethereum Retreats After Rejection Near $2,550

Ethereum recently climbed from a trading range near $2,300–$2,400 and reached approximately $2,526 before reversing. Analyst Ted identified resistance between $2,530 and $2,550, where the latest advance stalled.

ETH subsequently returned toward $2,400, giving back much of the week's earlier progress. It traded near $2,410 during the latest pullback and stood around $2,405 at the time of writing, down 2% on the day.

Momentum readings remained weak despite the whale transactions. Ethereum's relative strength index stood near 42, below the neutral level of 50 that is commonly used to separate stronger momentum from weaker momentum, while the positive directional indicator hovered around 17 and the negative directional indicator remained higher.

$2,400 Emerges as the Key Weekly Level

Ted warned that a weekly close below $2,400 could precede another 7% to 10% decline, although the forecast remains conditional on the weekly close. Weekly closes are closely watched because they filter out short-term fluctuations and are used to assess broader trends. Initial support stands near $2,351, followed by another level around $2,169, with lower reference points near $1,965 and $1,713.

For buyers, the first hurdle remains the $2,530–$2,550 area that rejected the latest advance. Another analysis placed $2,700 within reach if ETH regained $2,500. Additional resistance stands near $2,800, followed by approximately $2,922 and $3,447.

With ETH hovering near the threshold, the weekly close relative to $2,400 stands as the immediate checkpoint for that scenario, with the $2,351 support below and the $2,530–$2,550 resistance zone above marking out the near-term range.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry substantial volatility and liquidation risks. Readers should conduct independent research before making investment decisions.

Source: The Market Periodical