Ethereum continues to trade within a macro-bearish market structure with a cluster of EMAs around $1750, which marks one of the pivotal resistances. The ETH price was expected to lead a mini-altSeason in October, but a fresh update has raised huge concerns over the next price action.
In the entire crypto market, the ETH price is largely considered to be one of the steadiest tokens with minimal price variations. Although the price broke down below the trend line that it held since the start of 2023, the market participants were optimistic about the price with the approval of Ethereum ETFs. However, the price continues to remain stuck within a lower region, which has cautioned some of the traders who reportedly withdrew 110,000 ETH in the past few hours.
As per the Santiment data shared by Ali, roughly 110,000 ETH were withdrawn from known crypto exchange wallets in the past 24 hours. This comes to around $177.65 million as the supply on exchanges drops from 10.75 million to 10.66 million in a few hours. Moreover, the ETH price has also dropped by more than 7% since the start of the month.
What’s next? Will the price sustain the current rebound from $1610?
The ETH price has been constantly failing to surpass the crucial resistance zone between $1706 and $1730. The recent rejection indicates the growing dominance of the bears as the selling pressure mounts. Although the price has reached interim resistance at $1633, a daily close above $1650 could validate a rebound. With this, a clear path towards the crucial resistance zone could be imminent.
While the bulls have failed to hold this resistance zone by displaying extreme weakness, it would be worth watching the price action at these levels. Therefore, the Bitcoin (BTC) price may encounter a crucial week ahead that may test the strength of the bulls.
