Over 2.77 million addresses purchased $52.65 million worth of Ethereum at $2,300.

• The sell-off in the Ethereum ICO continued, but it still has a significant share. 

Ethereum [ETH]  has remained a leading crypto, especially because it supports the largest blockchain for smart contracts. This foundation makes Ethereum a significant investment for those looking for long-term returns.

As we approach the final quarter of the year, Ethereum’s price action is being watched more closely. The most important support level is found at $2,300, where 2.77 million addresses have purchased $52.65 million worth of ETH .

This region has attracted the attention of prominent investors, especially the “7 Brothers” who bought Ethereum relying on historical trends that point to an uptrend in Q4.

Weekly uptrend in ETH price

Looking at the weekly chart of Ethereum , the price is in a long-term uptrend. This uptrend has increased confidence that holding above the $2,300 support level could push the ETH price further higher.

If Ethereum manages to stay above this critical level , a rally towards $6,000 may be possible in the coming months.

However, if the price declines below $2,300, Ethereum could break the support trend line and drop to $1,600.

Estimates suggest that a target of $6,000 is reasonable if Ethereum can maintain its momentum.

If entered at current prices, potential returns of over 150% could be achieved, making Ethereum one of the most risk-taking assets in Q4.

Liquidation levels and support

Liquidation levels are also important to watch for price action. If Ethereum reaches $2452, $20 million in liquidations will be triggered.

If the price reaches $2475, another $20 million could come in. If the price drops to $2400, an additional $45 million in liquidations will occur.

This makes the $2300 support level even more important as it holds a significant portion of Ethereum’s transactions and staying above this price zone is necessary to maintain the upward momentum.

Ongoing participation in the ICO

Although some investors expect Ethereum to continue its upward movement, there is a noticeable movement among early ETH investors.

A whale who bought 150,000 ETH during Ethereum’s initial coin offering ( ICO ) is selling some of his assets.

Recently, they deposited 5k ETH worth $12.2 million to Kraken to make a profit . Over the last 15 days, this whale sold 45k ETH at an average price of $2517, for a total of $113.3 million.

However, they still hold 94,450 ETH worth over $ 230 million . This shows that while they are taking profits, they believe Ethereum has the potential to reach the $6000 level.

Ethereum’s price seems poised to make a significant move in the fourth quarter, with strong support at $2,300 and potential gains if the bullish momentum continues.

Investors and traders should monitor key levels and whale activity to gauge whether ETH will push higher or face challenges in the coming weeks.