Ether’s $2,000 Scenario Depends on Price Below $2,385 and Elevated Balances

Ether (ETH) traded at $2,349 on Binance in the hour ending 10:40 a.m. ET Thursday, Oct. 29, as crypto analyst Ali Martinez tied a $2,000 scenario to ETH staying below $2,385 with elevated exchange balances.

Martinez said large holders’ positions fell by roughly 160,000 ETH, worth more than $348 million, over several days. He also cited an increase of about 100,000 ETH in exchange balances, worth roughly $240 million, over the same period. Those changes do not confirm that ETH was sold or show how it moved.

Martinez described $2,385 as support and said a move toward $2,000 depended on ETH remaining below it while exchange balances stayed elevated. “If selling pressure persists, the pattern points to a move to $2,000,” Martinez wrote. He gave no time horizon for the target.

Nearly 170,000 ETH left exchanges on a net basis Oct. 22, the largest single-day outflow in at least three months. About 75,600 ETH left over the full week. Those figures cover a different period from Martinez’s later balance figures, and a single week’s change in exchange supply has limited predictive value on its own.