Ether's price has recently faced resistance after reaching $2,768 on October 21, 2024, with several factors contributing to a potential decline towards $2,300. The ETH Coinbase Premium Index fell below its 14-day simple moving average, indicating increased selling pressure among US investors. Furthermore, ether balances on exchanges rose to a four-week high of 15.8 million ETH, suggesting many investors are sending tokens for sale. Additionally, Ethereum's total value locked (TVL) has decreased by over 2% in the past month, reflecting diminishing interest compared to competing protocols like Solana. The ETH price action has presented an inverted V-shaped pattern, predicting a possible drop of approximately 9.7% toward the $2,300 demand zone. The relative strength index (RSI) has also shown a downward trend, further supporting the bearish outlook.

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