Could a $1 billion Ethereum buy reverse the first death cross in 9 months?

Bitcoin is facing new downward pressure as its price has fallen below the critical level of $3,000, leaving the digital currency stuck under a large psychological barrier.

However, this decrease caused fears in the market, leading to significant buying by ETH holders who seemed more optimistic about price stability in the short term.

Ethereum holders buy a lot

The amount of Bitcoin held on exchanges has seen a stunning decrease this week. The supply of ETH on exchanges decreased from 2.77 million ETH to 1.41 million ETH – a staggering decrease of 136 million ETH. At current prices, this represents nearly a $4 billion purchase.

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This large influx reflects the confidence of the investors who chose it Aggregation as Ethereum has fallen At less than $3,000, waiting for a recovery. While stock market flows sometimes involve panic selling, the pace and timing of this decline suggests consolidation rather than pessimistic repositioning.

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Macroeconomic importance is further weakened with key technical indicators flashing red. The change in the death of Bitcoin moving average crossovers formed this week – the first in more than nine months. This crossover ends the gold structure that began in July, which supported Bitcoin’s strength during the summer rebound.

Historically, the intersection of death led the way Bitcoin mode For short-term consolidation or minor rebounds, followed by new declines. This pattern raises the possibility that ETH will trade sideways before facing further downward pressure.

ETH prices may experience fluctuations

Ethereum is currently priced at $3,035, trying to overcome the vital resistance level at $3,000. The lack of this psychological limit has led to a buying spree of $4 billion, as investors consider this the bottom for ETH and gather to take advantage of the potential profits.

If general conditions stabilize, ETH must recover Bullish moment. A decisive recovery to the $3,000 level opens the way towards $3,131 and perhaps $3,287. This should help Ethereum continue to recover and rebuild trust among holders.

On the other hand, if market conditions worsen, ETH is likely It settles below $3,000 and tries to stay above the support at $2,814 or $2,681. If market conditions worsen or investors continue to sell, Ethereum could break below $2,681 and slide towards $2,606 or lower, invalidating the bullish thesis.