Ethereum price could face a pullback as crypto giant deposits 15,000 ETH into Kraken. With key $2,000 and $3,000 levels approaching, will ETH break out or revert to support?

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Highlights

  • Earlier today, an Ethereum whale deposited 15,000 ETH into Kraken, sparking concerns that prices could fall.

  • Ethereum price is 9% away from challenging the combined resistance of $2,800 and the 100-day EMA.

  • The supply of Ethereum on exchanges has increased to 21.43 million ETH, suggesting that selling pressure could be building as traders move assets to liquid markets.

Ethereum price plunged 1.67% during Sunday's trading session to $2,570 with a market cap of $309.5 billion. While this bearish turn is expected to be a temporary pullback as buyers resume bullish momentum, the recent crypto whale sell-off raises the possibility of a deeper pullback. Will $2,000 ETH return?

Ethereum Price: Will It Reach $2,000 or $3,000 by the End of September?

According to Spotonchain, a “diamond hand whale” named “0x682” deposited 15,000 ETH (worth $38.4 million) to Kraken earlier today. Interestingly, the whale’s previous sell-offs coincided with a sharp drop in Ethereum’s price. Notably, on July 25, the whale sold 10,000 ETH before the price dropped by 7.6%, and similarly, on August 20, the whale sold 15,000 ETH before the price dropped by 2.5%.

The whale currently holds 26,639 ETH (worth approximately $69.7 million) and is expected to have made a total profit of $132 million (+86%).

Given the whale’s track record, Ethereum price prediction could face a deeper correction and retest the $2,000 support level.

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In addition, according to the latest data from Santiment, the supply of Ethereum on exchanges has steadily increased to 21.43 million ETH. Generally speaking, an increase in exchange supply increases the risk of potential sell-offs and accelerates downward pressure on assets.

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ETH price is 9% away from a major breakthrough

Ethereum prices have continued to rise over the past two weeks, rising from $2,150 to $2,564, a 19.28% increase. The rise was mainly driven by the Fed’s rate cut and Bitcoin’s price breaking through $60,000.

On the daily timeframe chart, ETH price is showing the formation of a double bottom reversal pattern. If the pattern holds, buyers could push for a 9% gain to challenge the $2,800 resistance level with the 100-day resistance level. A breakout above this resistance level would strengthen the bullish momentum, pushing the asset above $3,000 and touching the $3,500 mark.

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Alternatively, if the upper supply at $2,800 persists, Ethereum price could rally back to $2,000 and continue the consolidation trend.