Recent developments in the Ethereum market indicate a notable increase in whale transactions as its price fell to $2,380 on October 25, 2024. This surge in whale activity reached a six-week high, reflecting growing interest from large investors and potential for price rebounds. On October 24, the creation of 6,428 new Ethereum wallets marked the highest daily count since early September, signaling renewed investor enthusiasm.
In a bid to improve the Ethereum protocol, Vitalik Buterin has introduced “The Splurge,” a new phase focused on making incremental yet crucial enhancements. This initiative aims to optimize the Ethereum Virtual Machine (EVM), ultimately reducing gas costs and boosting the execution speed of complex smart contracts.
Technical Analysis: Support and Resistance Levels for Ethereum
For Ethereum to maintain bullish momentum, it needs to stay above $2,770, with immediate resistance at that level. If surpassed, prices could target $2,820, $3,000, or even $3,200, although a strong bullish trend will only form above $3,400. On the downside, immediate support is around $2,500; falling below could indicate continued bearish momentum, potentially leading to price drops to $2,100, $2,000, $1,800, or $1,500. A drop below $1,500 might drive Ethereum down to $1,000.
Traders may find opportunities to buy on dips near 2600, with a stop-loss set around 2,4550 and a target price of $2,820.
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