Ethereum is currently navigating through challenges but continues to display signs of potential for a rally.
With increased open interest and a rising Relative Strength Index (RSI), the market sentiment suggests higher highs and lows are on the horizon.
Although a slight dip in Ethereum’s price could occur in the short term, long-term traders stand to benefit, especially if the decentralized finance (DeFi) sector continues to grow and the Federal Reserve eventually cuts interest rates.
#Ethereum faces challenges but shows potential for a rally with increased open interest and rising RSI.
A slight dip is possible, yet long-term traders might gain if DeFi expands and Fed cuts rates.
Higher highs and lows are expected. pic.twitter.com/7lMFERQqvL
— Kyledoops (@kyledoops) October 17, 2024
A notable event occurred recently when the whale address 0x41a…87EB3 liquidated 3,066 ETH, worth approximately $8.03 million, making a profit of $1.05 million.
This whale had earlier withdrawn 5,000 ETH from Binance at an average price of $2,227 between August 2023 and February 2024 to participate in the Blast protocol.
Out of this amount, 2,000 ETH were sold in August, resulting in a cumulative profit of $1.26 million. The liquidation of ETH by whales like this suggests active profit-taking, but also reflects the ongoing volatility and opportunity within the Ethereum market.
巨鲸 0x41a…87EB3 三小时前清仓今年二月建仓的 3066 枚 ETH（约 803 万美金），若卖出将获利 105 万美金
该巨鲸在 2023.08 – 2024.02 期间以均价 $2227 从 #Binance 提出 5000 枚 $ETH 参与 #Blast，其中 2000 枚已于 8 月卖出，至此累计获利 126 万美金💰
钱包地址 https://t.co/gS8qAhKbUG pic.twitter.com/T86Mf90wU3
— Ai 姨 (@ai_9684xtpa) October 18, 2024
Ethereum Recorded Significant Inflows From Spot ETFs
Additionally, Ethereum has seen significant inflows from spot ETFs. On October 17, there was a notable inflow of $48.4 million, underscoring the growing institutional interest in the asset. As Ethereum ETFs continue to attract capital, the possibility of a broader rally becomes more likely, especially as Ethereum’s use cases in DeFi and blockchain technology expand.
In summary, while Ethereum may face short-term fluctuations, the long-term outlook remains optimistic. Traders and investors are keeping a close eye on market movements, particularly as whales and institutional players continue to make significant moves within the ecosystem.
On October 17, the total net inflow of Bitcoin spot ETFs was $470 million. The inflow of BlackRock ETF IBIT was $309 million. Ark Invest and 21Shares' ETF ARKB had a net inflow of $100 million. Ethereum spot ETF inflow was $48.4 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) October 18, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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