Ethereum’s profitability has declined to 66%, reaching levels not seen since October 2023.
This dip comes as the market navigates a complex landscape marked by mixed technical signals and ongoing challenges within the decentralized finance (DeFi) sector.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are currently providing conflicting signals, reflecting the uncertainty in Ethereum’s price action. At the same time, the DeFi space continues to grapple with a surge in economic exploits, adding further strain to the market.
In a surprising turn of events, a whale who was liquidated for 2,890 wstETH (worth $8.06 million) during the August 5 market crash has re-entered the market with a long position on Ethereum. Since August 11, this investor has borrowed 6.6 million DAI, 2.7 million USDT, and 2.5 million USDC to purchase 4,459 ETH (valued at $11.8 million) at an average price of $2,646.
Despite the recent downturn, Ethereum’s market value has fallen to $305.8 billion. However, the network remains a powerhouse in blockchain innovation, ranking second globally with 418,726 developer commits. This consistent development activity underscores Ethereum’s position at the forefront of blockchain technology, as the network continues to be actively maintained and improved.
As of August 12, the cumulative net inflow for Ethereum spot ETFs reached $4.93 million. Grayscale recorded no inflows or outflows, while Fidelity’s FETH ETF experienced a one-day net inflow of $3.98 million, and Bitwise’s ETHW ETF saw a single-day net inflow of $2.86 million.
These movements highlight the ongoing confidence in Ethereum’s long-term potential, even as the market faces short-term fluctuations.
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: nexusplexus/123RF // Image Effects by Colorcinch
Spooky season might be over but doom is still looming as Ripple’s XRP falls below…
Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…
Everyone knows what the hottest crypto can do. When it was so hot it was…
The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…
Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…
Earlier this week, Lido Finance ($LDO) introduced the Community Staking Module (CSM) on the Ethereum…