A whale transferred 23,528 ETH (approximately $57.88 million) from Coinbase Institutional to an unknown wallet, while BlackRock reportedly sold approximately $69.68 million worth of ETH. Ethereum’s spot exchange flows recorded three consecutive weeks of net outflows, approaching -$1.5 billion, which could become a fourth consecutive week if the trend holds through October 19th. Despite ETH’s weak price performance around $2,429, derivatives traders maintained bullish positions, with a Long/Short Ratio of 2.31 on Binance. Technical indicators such as the Parabolic SAR (at $2,638.98) and MACD (-41.36) confirmed dominant bearish pressure. The $2,400 support level has become critical, as a breakdown below it could trigger another corrective leg.
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