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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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Ethereum: These 2 major factors will help shape ETH’s Q2 prices

April 22, 2024
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Ethereum: These 2 major factors will help shape ETH’s Q2 prices
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  • Bullish Ethereum whales got liquidated due to highly volatile price movements.
  • Holders remained unprofitable despite rising prices.

Ethereum [ETH] has experienced massive volatility over the past week, causing traders to lose money left right and center.

Whales see red

Not only retail investors, but some whales have also been subject to liquidations over the past few days.

According to Lookonchain’s data, a whale, despite previous losses totaling $4.5 million, doubled down on its ETH position, demonstrating confidence in the asset’s potential, and ended up losing money.

The investor also made a move involving the withdrawal of 8,249 ETH from Binance [BNB], converting it to Compound [COMP], and borrowing 17.3 million Tether [USDT] from the platform to make the sizeable bet.

Source: Lookonchain

Other traders got liquidated as well. According to Coinglass’ data,  $6.28 million worth of long Ethereum positions were liquidated within a 24-hour window.

Despite these setbacks, the growing number of long positions taken towards ETH grew significantly.

This suggested a rising optimism among traders, reflecting a bullish sentiment towards Ethereum’s future prospects.

Source: Coinglass

Implied Volatility for ETH also surged in recent days, mirroring the heightened uncertainty and risk prevailing in the market.

Even though a high IV is more bearish in nature and most traders prefer to short an asset during periods of high IV, the overall sentiment towards ETH has remained positive.

Source: The Block

Looking at the data

In the last 24 hours, ETH’s price grew by 3.78%  signifying short-term bullish momentum. However, according to AMBCrypto’s analysis of Santiment’s data, the network growth around ETH declined.

See also  5 Key Metrics For BTC In 2024

This indicated that new addresses were losing interest in the ETH token.

While Network Growth had declined, indicating a potential slowdown in new user adoption, the rise in velocity suggested increased trading activity and liquidity in the market.

Source: Santiment


Read Ethereum [ETH] Price Prediction 2024-2025


Despite the surge in price, the MVRV ratio for ETH remained negative at press time, signaling that Ethereum holders were yet to realize profits.

This scenario implied a continued holding pattern among Ethereum investors, potentially supporting further upward momentum for ETH’s price as holders awaited more favorable market conditions.

Source: Santiment

Next: What Bitcoin’s post-halving history tells us about BTC’s 2024 prices

READ ALSO

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  • Bullish Ethereum whales got liquidated due to highly volatile price movements.
  • Holders remained unprofitable despite rising prices.

Ethereum [ETH] has experienced massive volatility over the past week, causing traders to lose money left right and center.

Whales see red

Not only retail investors, but some whales have also been subject to liquidations over the past few days.

According to Lookonchain’s data, a whale, despite previous losses totaling $4.5 million, doubled down on its ETH position, demonstrating confidence in the asset’s potential, and ended up losing money.

The investor also made a move involving the withdrawal of 8,249 ETH from Binance [BNB], converting it to Compound [COMP], and borrowing 17.3 million Tether [USDT] from the platform to make the sizeable bet.

Source: Lookonchain

Other traders got liquidated as well. According to Coinglass’ data,  $6.28 million worth of long Ethereum positions were liquidated within a 24-hour window.

See also  Popular Crypto Wallet MetaMask Rolls Out 'Smart Transactions' to Combat Ethereum Front-Running

Despite these setbacks, the growing number of long positions taken towards ETH grew significantly.

This suggested a rising optimism among traders, reflecting a bullish sentiment towards Ethereum’s future prospects.

Source: Coinglass

Implied Volatility for ETH also surged in recent days, mirroring the heightened uncertainty and risk prevailing in the market.

Even though a high IV is more bearish in nature and most traders prefer to short an asset during periods of high IV, the overall sentiment towards ETH has remained positive.

Source: The Block

Looking at the data

In the last 24 hours, ETH’s price grew by 3.78%  signifying short-term bullish momentum. However, according to AMBCrypto’s analysis of Santiment’s data, the network growth around ETH declined.

This indicated that new addresses were losing interest in the ETH token.

While Network Growth had declined, indicating a potential slowdown in new user adoption, the rise in velocity suggested increased trading activity and liquidity in the market.

Source: Santiment


Read Ethereum [ETH] Price Prediction 2024-2025


Despite the surge in price, the MVRV ratio for ETH remained negative at press time, signaling that Ethereum holders were yet to realize profits.

This scenario implied a continued holding pattern among Ethereum investors, potentially supporting further upward momentum for ETH’s price as holders awaited more favorable market conditions.

Source: Santiment

Next: What Bitcoin’s post-halving history tells us about BTC’s 2024 prices
Tags: EthereumETHsfactorsMajorPricesShape

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EDITOR'S PICK

How To Buy, Sell, And Trade Tokens On The BSC Network

How To Buy, Sell, And Trade Tokens On The BSC Network

January 15, 2024
BlackRock-backed Cipher Mining mines 176 Bitcoin in June, holds over 2,200 BTC

BlackRock-backed Cipher Mining mines 176 Bitcoin in June, holds over 2,200 BTC

July 3, 2024
Bitmain Unveils ‘Most Efficient’ Mining Rig Amid Market Shift

Bitmain Unveils ‘Most Efficient’ Mining Rig Amid Market Shift

May 29, 2025
Kresus SuperApp and Tools for Humanity partner for Web3 identity with WorldID integration

Kresus SuperApp and Tools for Humanity partner for Web3 identity with WorldID integration

January 31, 2024

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