The leader of the altcoins, which recovered quickly despite the Ethereum Foundation selling 1700 ETH, targeted the upper levels.
According to data published by the on-chain analysis platform Lookonchain on October 9, the Ethereum Foundation sold 1700 ETH for 2,738 million USDC on Uniswap. The fact that the sales were made internally instantly reduced the interest in ETH and increased sales transactions. On the other hand, the acceleration of the decline in BTC pulled ETH below $ 1550. Despite these, ETH has recovered rapidly and is currently hovering around the $1590 range. Which levels are important for ETH in the cryptocurrency market where uncertainty continues?
Ethereum (ETH) chart review
ETH, which momentarily lost its strength with the rapid decline of BTC, dropped to $ 1545. Then, BTC’s recovery and global mobility calmed down to some extent, pushing ETH up again. As of the writing of the news, if the leader of the altcoins traded at $ 1589 exceeds $ 1602, it may start a movement towards 1640 – 1665 – 1700 – 1726 and 1745 dollars, respectively.
Factors such as increasing tension in the war or BTC remaining below 27,450 will naturally pull the ETH price to lower levels. The areas that can serve as support in such a scenario are 1580 – 1563 – 1550 and 1530 dollars, respectively. With the loss of $ 1530, altcoins may be dragged into a bigger collapse.
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