- Whales started showing great interest in ETH along with retail investors.
- The price of ETH rose significantly and short positions were liquidated.
Ethereum [ETH] After stagnating below the $3,200 level mark for quite some time, a recent resurgence of interest has pushed ETH above its previous price level.
whales move in
According to Lookonchain data, a significant number of whales continued to purchase ETH and enter long positions on the ETH/BTC trading pair.
After the launch of the Bitcoin ETF on January 10th, investors borrowed 2,301 WBTC (worth $119.75 million) from AAVE and exchanged it for 41,947 ETH at a rate of 0.055.
In the last three days, the whale spent 35 million USDC to acquire 10,952 ETH for $3,196.
If powerful investors with large amounts of capital place big bets on ETH, it could increase overall confidence in the cryptocurrency.
This could attract other wary investors and snowball into buying pressure.
Source:X
It is not only whales that are showing interest in ETH, it has also been observed that demand from retail investors for Ethereum is increasing.
According to an analysis of Santiment data by AMBCrypto, a large amount of ETH started accumulating in addresses holding between 0.001 and 1 ETH.
The interest shown in ETH from both whales and retail investors suggests that sentiment across all sectors of the crypto market is relatively bullish regarding ETH.
Source: Santiment
These factors have caused the price of ETH to rise significantly. At the time of writing, ETH is trading at $3,311.78, and its price has increased by 6.08% in the past 24 hours.
How is the holder doing?
This move led to bullish speculation around the ETH ETF, giving further momentum to the rally.
Surprisingly, despite the recent price surge, ETH's MVRV ratio remains negative, indicating that most holders are still not making profits.
read ethereum [ETH] Price prediction for 2024-2025
It's safe to assume that these holders may wait for prices to rise further before indulging in profit-taking.
Source: Santiment
The sudden rise in ETH price led to the liquidation of numerous short positions amounting to $33.02 million.
Source: Coinglass
