Can $4 Billion Ethereum Buying Undo First Death Cross In 9 Months?

Core Insights - Ethereum's price has fallen below the critical $3,000 level, but this has not incited widespread fear in the market, leading to significant buying activity from holders [1][2][3] - The balance of Ethereum on exchanges has decreased dramatically from 2.77 million ETH to 1.41 million ETH, indicating a strong accumulation trend among investors [2][3] - A technical indicator known as the Death Cross has formed for Ethereum, suggesting potential short-term consolidation or minor relief rallies before further declines [4][5] Market Dynamics - The current price of Ethereum is approximately $3,035, with investors viewing the drop below $3,000 as a potential bottom for accumulation [6] - If market conditions stabilize, Ethereum could regain bullish momentum, with potential price targets of $3,131 and $3,287 if it reclaims the $3,000 level [7] - Conversely, if market conditions deteriorate, Ethereum may struggle to hold above support levels of $2,814 or $2,681, with risks of falling below $2,606 [8]