- The bullish Ethereum whale has been liquidated due to highly volatile price movements.
- Despite rising prices, holders remained unprofitable.
Ethereum [ETH] There has been significant volatility over the past week, with traders left and right losing money.
whales look red
In addition to individual investors, some whales have also been targeted for liquidation in recent days.
According to Lookonchain data, the whale doubled its ETH position, showing confidence in the asset's potential, despite having incurred a total loss of $4.5 million to date, ultimately resulting in a loss. .
Investors also moved to withdraw 8,249 ETH from Binance. [BNB]convert it to a compound [COMP]owes 17.3 million tethers [USDT] You can place large bets from the platform.
Source: Lookonchain
Other traders were similarly liquidated. According to Coinglass data, $6.28 million worth of long Ethereum positions were liquidated within his 24 hours.
Despite these setbacks, the number of long positions against ETH has increased significantly.
This suggests growing optimism among traders, reflecting bullish sentiment on Ethereum's future prospects.
Source: Coinglass
ETH's implied volatility has also spiked in recent days, reflecting the heightened uncertainty and risk prevailing in the market.
Although high IV is inherently bearish and most traders prefer to short the asset during periods of high IV, the overall sentiment towards ETH remains positive.
Source: The Block
Looking at the data
Over the past 24 hours, the price of ETH has increased by 3.78%, indicating short-term bullish momentum. However, according to AMBCrypto's analysis of Santiment data, the growth of the ETH-centered network has declined.
This indicated that new addresses were losing interest in ETH tokens.
While network growth has slowed, indicating that new user adoption may slow, increased speeds suggest an increase in trading activity and liquidity in the market.
Source: Santiment
read ethereum [ETH] Price prediction for 2024-2025
Despite the price surge, ETH's MVRV ratio remained negative at the time of writing, indicating that Ethereum holders are yet to realize profits.
This scenario suggests a continuation of the holding pattern among Ethereum investors, potentially supporting further upward momentum in ETH price as holders wait for more favorable market conditions. It is thought that it is.
Source: Santiment
