Can Ethereum reach $6K if it holds above $2300?

• More than 2.77 million addresses bought $52.65 million worth of Ethereum at $2300.
• Ethereum ICO continued the selling spree, but still held a significant portion. 

Ethereum [ETH] remained a leading crypto, especially as it powers the largest blockchain for smart contracts. This foundation makes Ethereum a key investment for those seeking long-term returns.

As we approach the final quarter of the year, Ethereum’s price movements are becoming more closely watched. The most important support level sits at $2300, where 2.77 million addresses bought $52.65 million ETH.

This zone has attracted interest from prominent traders, notably the “7 Siblings,” who have been buying Ethereum, banking on historical trends that suggest a bullish run in Q4.

Weekly uptrend in ETH’s price

Looking at Ethereum’s weekly chart, the price is in a long-term uptrend. This uptrend added confidence that holding above the $2300 support level could push the ETH price higher.

If Ethereum stays above this critical level, a rally toward $6000 might be possible in the coming months.

However, if the price drops below $2300, Ethereum could fall further to $1600, breaching its support trendline.

Predictions indicate that if Ethereum can maintain momentum, an eventual $6000 target is plausible.

Entering at current prices could offer potential returns of over 150%, positioning Ethereum as a top risk-on asset as Q4 continues.

Liquidation levels and support

The liquidation levels are also essential for tracking price action. If Ethereum hits $2452, $20 million in liquidations will be triggered.

Another $20 million could follow once the price touches $2475. If the price drops to $2400, an additional $45 million in liquidations would occur.

This makes the $2300 support level even more crucial, as it holds a significant portion of Ethereum trades. Holding above this price zone is necessary for maintaining upward momentum.

ICO’s continued involvement

Despite some traders expecting Ethereum to continue its upward movement, there’s noticeable activity from early ETH investors.

One whale, who received 150K ETH during Ethereum’s initial coin offering (ICO), has been selling portions of their holdings.

Recently, they deposited 5K ETH, worth $12.2 million, to Kraken for profit-taking. Over the last 15 days, this whale has sold 45K ETH, totaling $113.3 million, at an average price of $2517.

However, they still hold 94,450 ETH, valued at over $230 million. This suggests that while they’re taking profits, they may still believe Ethereum has potential to reach the $6000 mark.

Read Ethereum’s [ETH] Price Prediction 2024–2025

Ethereum’s price looks poised for a significant move in Q4, with strong support at $2300 and potential gains if the bullish momentum continues.

Traders and investors should monitor key levels and whale activity to gauge whether ETH will break higher or face challenges in the weeks to come.