Ethereum price prediction: Can $2,300 support prevent another liquidation wave?
Ethereum remains under pressure after several failed recovery attempts. Today’s key macro event could determine the direction of the market’s next major move.
2379.55
2417.77
A major early Ethereum investor linked to the Ethereum Foundation has sold 7,594 ETH worth $17.79 million after a year of inactivity. According to Arkham, the investor acquired 200,000 ETH during the ICO for just $61,000 at a price of $0.31, and later received another 42,654 ETH from the Ethereum Foundation when the asset was trading near $13.82.
Institutional demand remains weak as well. According to SoSoValue, U.S. spot Ethereum ETFs recorded $60.2 million in net outflows on October 27.
Losing $2,282 could trigger another liquidation wave
Ethereum is trading around $2,350. As noted previously, ETH’s short-term price action remains weak.
Support is currently defined by the October 24 low at $2,282. A break below that level would significantly increase the risk of another wave of long liquidations. In that scenario, the next downside targets would be $2,200 and the 200-day SMA near $2,160.
Given the geopolitical and macroeconomic risks, this remains the base-case scenario.
A move above $2,400 would invalidate the setup. If ETH can establish itself above that level, the price could recover towards the 50-day SMA near $2,550.
Interest rate uncertainty raises the risk of fresh liquidations
The Federal Reserve will announce its interest rate decision today, October 28. According to the Associated Press, most economists expect the central bank to leave rates unchanged in the 3.75%–4.00% range.
The market reaction, however, may depend more heavily on Fed Chair Kevin Warsh’s comments on inflation and the outlook for further monetary tightening. Any meaningful deviation from expectations could trigger sharp swings across risk assets.
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