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Ethereum price stabilized near $2,480 on Oct. 9 after a sharp correction pushed ETH back toward levels last seen about a month earlier. The market move coincided with a substantial decline in Ethereum reserves held on Binance.
CryptoQuant data showed Binance holding approximately 3.47 million ETH, its lowest balance in six months. Withdrawal activity also surged, with more than 320,000 transactions recorded in a single day.
Ethereum Price Prediction: $2,400 Support Comes Into Focus
Ethereum traded around $2,490 on October 9, up more than 2% over the previous 24 hours. The daily chart shows ETH retreating after its recent attempt to move toward $2,800. The asset also traded close to its 50-day exponential moving average (EMA), which stood near $2,503 on the supplied chart.
The chart places initial support around $2,470, followed by the $2,440 area. The $2,400 level remains another important threshold for traders monitoring the current pullback. A sustained move below this level could bring $2,350 into view, alongside the broader demand zone around $2,360.
The weekly chart marks resistance around $2,800, with a higher resistance level near $3,447. A break above $2,800 would put the next zone on the radar. Until then, Ethereum’s ability to hold nearby support remains a key factor in its short-term price direction.
Binance Ethereum Reserves Fall to a Six-Month Low
CryptoQuant data shows that Ethereum reserves on Binance declined from approximately 3.92 million ETH in August to 3.47 million in October. The latest figure marks the lowest reserve level in six months. More recently, reserves fell from roughly 3.57 million ETH to 3.47 million during the market downturn.
The drop from August represents a decline of about 11.5%. Exchange reserves track the amount of cryptocurrency held in exchange wallets, so the latest reading indicates that Binance holds fewer ETH than it did two months earlier.
The reserve decline does not, by itself, explain why holders moved their ETH. Some investors may transfer tokens to private wallets for long-term storage, while others may move them to different platforms or use them for staking and other blockchain activities.
Binance ETH Withdrawals Reach a Record High
CryptoQuant recorded more than 320,000 Ethereum withdrawal transactions on Binance on October 6. The figure marks a record daily total in the historical data shown on the chart, with activity rising sharply at the latest reading.
The increase came during a broader market correction. Over three days, the total market capitalization of altcoins, excluding Bitcoin, declined by more than $110 billion.
Ethereum’s market capitalization fell by more than $38 billion as its price dropped around 11% during the same period.
Withdrawal transactions count movements from exchange wallets rather than the number of individual investors or the amount of ETH withdrawn.
This article is for informational purposes only and does not constitute financial or investment advice. Exchange-reserve data, withdrawal activity and technical levels may change as market conditions evolve.
