In this video: We analyse Ethereum using Elliott Wave, with the blue zone at $1,832 to $2,069 as the target area of the correction. Video by More Crypto Online.
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Ethereum (ETH) is trading at approximately $2,241.18 USD (around €1,993.00 EUR). The cryptocurrency continues to fight severe selling pressure following the unprecedented macro shock that rattled the entire digital asset ecosystem this week.
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Ethereum Insights Today
1. The Macro Overlord: $6.4 Billion Binance Hack Fallout
The dominant force dictating ETH price action today remains the historic $6.4 billion security exploit of Binance hot wallets executed by North Korea’s TraderTraitor group.
On Ethereum specifically, the hackers weaponized a newly introduced technical feature (EIP-7702 delegation signatures) to temporarily force a prominent Binance hot wallet to run malicious code. In a single transaction, the attacker swept 167,464 ETH along with billions in stablecoins.
To bypass emergency stablecoin freezes by issuers like Tether and Circle, the attacker aggressively swapped $325 million in stablecoins for an additional $285 million worth of ETH. While this forced purchasing volume temporarily altered on-chain dynamics, the sheer terror of the largest hack in crypto history sparked a massive, market-wide liquidation event.
2. Institutional Trends: Ongoing ETF Outflows
The spot Ethereum ETFs are intensifying the current bearish trend. Outflows have accelerated near the end of October, pulling significant liquidity out of the market. Analysts note that for ETH to reclaim its near-term bullish momentum and overcome stiff resistance at the $2,491 mark, institutional flow dynamics must firmly reverse back toward net deposits.
3. High-Conviction Whale Accumulation
Despite the broader panic, large-scale investors are utilizing the dip to load up on cheaper coins. On-chain monitoring tracked a prominent crypto whale purchasing 9,375 ETH over the last 24 hours at an average cost of roughly $2,264 per ETH. This $21.2 million institutional-sized buy indicates strong under-the-surface accumulation by long-term conviction holders who view the Binance-induced crash as a historic buying opportunity.
4. Glamsterdam Upgrade Delayed
Compounding the negative price momentum is a lack of updates regarding a definitive launch date for Ethereum’s highly anticipated Glamsterdam upgrade. The delay has temporarily removed a major technical narrative that investors were relying on to offset recent macro headwinds.
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