{"id":637024,"date":"2024-08-22T07:00:24","date_gmt":"2024-08-22T07:00:24","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=637024"},"modified":"2024-08-21T14:56:13","modified_gmt":"2024-08-21T14:56:13","slug":"ethereum-is-flat-and-whales-selling-more-pain-to-follow","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/ethereum\/ethereum-is-flat-and-whales-selling-more-pain-to-follow\/","title":{"rendered":"Ethereum Is Flat, and Whales Selling: More Pain to Follow?"},"content":{"rendered":"

Ethereum is struggling for momentum and remains under immense selling pressure. As of writing, the second most valuable coin is inside a narrow range, trending within the $2,100 on the lower end and $2,800 on the upper end. <\/span><\/p>\n

The local resistance level could mark the start of an impressive leg up, relieving the coin of the current sell grip from early August.<\/span><\/p>\n

Ethereum Whales Selling<\/span><\/h2>\n

Although supporters are upbeat, expecting the coin to trend higher, breaking above local liquidation lines in a buy trend continuation formation, there are concerns. Looking at Ethereum price action, the coin could post even more losses.<\/span><\/p>\n

Related Reading: XRP Alert: Raoul Pal Advises Investors To Sell Now \u2013 Here\u2019s Why<\/a><\/div>\n

One analyst, citing on-chain developments, notes<\/a> that Ethereum whales, or addresses holding at least 10,000 ETH, have been actively selling over the past month. Overall, their decision to sell could suggest that these entities, who are often closely monitored, are not confident about what lies ahead. <\/span><\/p>\n

\"Ethereum
Ethereum whales offloading | Source: @ali_charts via X<\/figcaption><\/figure>\n

 <\/p>\n

Therefore, others could follow suit by unloading their holdings, leading to a supply glut. Considering market forces, an uptick in supply could negatively impact prices, delaying the climb above the immediate roadblocks.<\/span><\/p>\n

Massive Outflows From Spot ETH ETFs<\/span><\/h2>\n

Beyond this, analysts are also deflated by the current trends of spot Ethereum ETFs<\/a>. In May, prices shot higher when the United SEC unexpectedly fast-tracked the approval of 19b-4 forms for applicants. The approval of the S-1 registration forms was also received positively, lifting prices above the $3,000 mark. <\/span><\/p>\n

\"Ethereum<\/a>
Ethereum price trending downward on the daily chart | Source: ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

 <\/p>\n

However, days after the product began trading, there were more outflows, especially from Grayscale’s ETHE. Concurrently, demand has been lower than expected. Since its inception, over $247 million worth of ETH has been redeemed from ETHE. Subsequently, prices have been struggling and moving further away from March 2024 highs. <\/span><\/p>\n

Related Reading: Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation?<\/a><\/div>\n

According to Farside data<\/a>, all spot Ethereum ETF issuers posted outflows of around $6.5 million on August 20. This is mostly thanks to the millions of dollars of redemption through ETHE. This has been a consistent trend since August 15. <\/span><\/p>\n

\"Spot
Spot Ethereum ETF flows | Source: Farside<\/figcaption><\/figure>\n

It suggests that though the smart contracts platform offers value, ETH’s immediate to medium-term outlook is bearish. Accordingly, investors are choosing to move their capital elsewhere.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum is struggling for momentum and remains under immense selling pressure. As of writing, the second most valuable coin is inside a narrow range, trending within the $2,100 on the lower end and $2,800 on the upper end. The local resistance level could mark the start of an impressive leg up, relieving the coin of the current sell grip from early August. Ethereum Whales Selling Although supporters are upbeat, expecting the coin to trend higher, breaking above local liquidation lines in a buy trend continuation formation, there are concerns. Looking at Ethereum price action, the coin could post even more losses. Related Reading: XRP Alert: Raoul Pal Advises Investors To Sell Now \u2013 Here\u2019s Why One analyst, citing on-chain developments, notes that Ethereum whales, or addresses holding at least 10,000 ETH, have been actively selling over the past month. Overall, their decision to sell could suggest that these entities, who are often closely monitored, are not confident about what lies ahead.   Therefore, others could follow suit by unloading their holdings, leading to a supply glut. Considering market forces, an uptick in supply could negatively impact prices, delaying the climb above the immediate roadblocks. Massive Outflows From Spot ETH ETFs Beyond this, analysts are also deflated by the current trends of spot Ethereum ETFs. In May, prices shot higher when the United SEC unexpectedly fast-tracked the approval of 19b-4 forms for applicants. The approval of the S-1 registration forms was also received positively, lifting prices above the $3,000 mark.   However, days after the product began trading, there were more outflows, especially from Grayscale’s ETHE. Concurrently, demand has been lower than expected. Since its inception, over $247 million worth of ETH has been redeemed from ETHE. Subsequently, prices have been struggling and moving further away from March 2024 highs. Related Reading: Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation? According to Farside data, all spot Ethereum ETF issuers posted outflows of around $6.5 million on August 20. This is mostly thanks to the millions of dollars of redemption through ETHE. This has been a consistent trend since August 15. It suggests that though the smart contracts platform offers value, ETH’s immediate to medium-term outlook is bearish. Accordingly, investors are choosing to move their capital elsewhere. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":628135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,16163,1946,6931,6933,78803,91198],"class_list":["post-637024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-price","tag-ethereum","tag-ethereum-price","tag-ethereum-trading","tag-ethusdt","tag-spot-ethereum-etfs"],"acf":[],"yoast_head":"\nEthereum Is Flat, and Whales Selling: More Pain to Follow?<\/title>\n<meta name=\"description\" content=\"Ethereum price is under pressure, trending below $2,700. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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