Ethereum [ETH] saw a 2% price drop on Friday, slipping below the $1,600 threshold and trading at $1,549.76 with a market cap exceeding $186 billion. This decrease followed an October 16 pump and subsequent price correction. Despite this recent slip, analysts suggest that Ethereum may be on the brink of a bull rally.
Crypto analyst Mag pointed out that Ethereum is at a pivotal point, and if it manages to maintain above its long-term support trendline, it could trigger a significant value surge. The ETH/BTC pair reached a 0.055 target while testing the long-term trendline support zone, lending weight to this prediction.
Data from CryptoQuant shows high net deposits on exchanges and dominant selling sentiment in the derivatives market, indicating heightened selling pressure for ETH. However, data from Santiment reveals that Ethereum's supply outside exchanges has surpassed its supply on exchanges, suggesting increased token accumulation.
In other developments related to Ethereum, Binance announced routine wallet maintenance scheduled for October 24, 2023, at 7:00 a.m. UTC. This will briefly halt deposits and withdrawals on the Ethereum network, while trading activities will continue without interruption. A similar maintenance was carried out on the Tron network earlier in the week.
Furthermore, Ethereum is seeing record accumulation by whale addresses holding over one million ETH. These addresses now control 32.3% of the total ETH supply - a first since July 16. Additionally, October 16 marked a significant day for Ethereum as transactions exceeding $1 million recorded their second highest frequency within a month.
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