Ethereum traded near $2,376.62 on October 24 amid conflicting market signals. The cryptocurrency fell below the $2,385 support level after failing to recover toward $2,540.68, leaving its near-term direction uncertain.
Exchange data provided a potential bright spot. Santiment reported that 169,770 ETH left exchanges in a single day, marking the largest daily outflow in more than four months. The metric drew comparisons to a June 5 outflow episode that preceded approximately 223,800 ETH in net withdrawals and an Ethereum price bottom, though historical patterns do not guarantee similar outcomes will repeat.
The significance of exchange outflows remains debated among analysts. Reduced ETH on trading venues can lower immediate selling pressure, but outflows also reflect transfers to private wallets and other activity unrelated to purchases. The data provides context but cannot confirm renewed buyer demand on its own.
Early Ethereum holders added to selling pressure despite the outflow signal. According to Lookonchain, one nine-year investor sold 3,000 ETH valued at approximately $7.23 million, originally purchased at $18.83 per coin—representing roughly a 128-fold gain. A separate initial coin offering participant sold 1,000 ETH from a position acquired at around $0.31 each. Together, the two long-term holders liquidated 4,000 ETH, demonstrating profit-taking while exchange balances declined.
Technical Indicators Favor Sellers
Multiple technical measures pointed to continued downside risk. CryptoQuant's Ethereum Futures Taker CVD remained seller-dominant, indicating aggressive sell orders exceeded buys across ETH futures markets. The Parabolic SAR positioned above the market price at $2,509.93, while the MACD held a bearish crossover with a negative histogram reading of 8.90.
On the daily chart, ETH needed to reclaim $2,385 to establish a near-term recovery. Failure to hold that level could see prices test $2,300, according to technical analysis.
Whale Liquidation Levels Present Risk
Lookonchain identified 93,184 ETH held in whale long positions, valued at approximately $214 million. The analysis flagged two liquidation thresholds: $2,256.45 and $2,226.53. A decline through either level could force positions to close, potentially adding sell pressure to the market. These levels identify where traders face liquidation risk but do not guarantee prices will reach them.
Traders must weigh the supply-side signal from exchange outflows against selling pressure from derivatives markets and whale leverage positions. The two signals track different market behaviors and can occur simultaneously.
