News

Ethereum Faces Short-Term Hurdles, But Long-Term Rally Potential Remains Strong

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.

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This whale had earlier withdrawn 5,000 ETH from Binance at an average price of $2,227 between August 2023 and February 2024 to participate in the Blast protocol.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.

Related Post

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.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: pedrosek/123RF // Image Effects by Colorcinch
Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Historically Bullish Indicator Flashed Buy for the XRP Price, but this AI Rival Could Aim for Higher

The XRP price is once again turning heads as the SuperTrend, a bullish indicator, flashes…

3 hours ago

BDAG’s $1M Raffle Ends in 3 days; XRP Price Analysis & AVAX Trends

BlockDAG’s $1 Million Raffle Ends in 3 Days – Insights on XRP Price Analysis &…

6 hours ago

Tron Transactions Surge & XRP Eyes $50; BlockDAG Hits $177.5M in Presale

BlockDAG Nears $600M Target as Whale Activity Rises, TRX Transactions Soar & XRP Eyes $50…

10 hours ago

Why Revenue-Generating Cryptos Like Rollblock Are Poised to Eclipse AI Coins Like FET and NEAR

The online gambling sector is enormous, currently valued at over $500 billion, and scheduled to…

12 hours ago

Missed Out on FARTCOIN, PENGU, and PEPE Gains? Experts Say RBLK Is the Next Big Crypto

For investors wondering where to find the next big crypto, Rollblock has emerged as a…

12 hours ago

BTC Set for a Breakout? Analysts Predict ATH While DLUME Dominates as the Best Crypto Presale of 2025

Can this coin start the next marketwide rally? On January 7, top analyst Carl Runefelt…

12 hours ago