Following Friday’s ETF outflows, more Ether whales have started locking in profit in anticipation of a potential correction during the remainder of the August recess period. Despite the recent sell-off, some traders are optimistic about Ether’s longer-term prospects. Order book data shows liquidity between $4,200 and $4,400 has been absorbed, and support appears to be forming near the $4,000 level. According to data from Coinglass tracking the last 24 hours, Ethereum was the most liquidated asset in the market with $179.8 million. The majority of the forced sales came from long positions, which made up $138 million of the total, while short positions accounted for $41 million.
About Ethereum
Part of the savvy trader’s success comes from observing and responding to the activities of whales, or large investors in the cryptocurrency market. The actions of these large-scale players are carefully watched by other traders, as they are capable of creating major market movements. However, the cryptocurrency market is known for its volatility, and recent trends indicate a potential shift in sentiment.
Bitcoin slipped below $113,000, its lowest level in 17 days, giving back all of its gains from the all-time high level of $124,457 it reached six days ago, as covered by Cryptopolitan. This legendary trader went long on $ETH again but was liquidated in the market crash, losing $6.22M. The recent volume is picking up, with derivative demand, institutional accumulation, and healthy etf inflows making the rallies feel more solid than just retail noise. The support zones around $4,200 are holding up too, which gives some cushion if price dips instead of risking an immediate wipeout. “The subsequent transfer in crypto could hinge extra on central financial institution indicators than on charts,” the analyst informed Cointelegraph.
Lessons from the Ether
Data from Farside Investors revealed that US spot Ethereum exchange-traded funds (ETFs) experienced $59 million in outflows on Friday, breaking a streak of eight consecutive days of net positive inflows. An anonymous crypto trader had turned an initial $125,000 investment into tens of millions of dollars in just four months. However, after two days of an Ethereum price slump wiped out most of his gains, he has lost most of it after initially locking $7 million from the position.
In the end, while the tale of turning $125K into $43M is alluring, it’s a reminder of both the opportunities and the inherent risks within the crypto market. Ethereum, the second-largest cryptocurrency by market cap, has seen its share of ups and downs. Since The Merge, Ethereum has positioned itself as a more energy-efficient blockchain, driving interest and adoption. But with increased regulatory scrutiny and competition from other blockchains like Solana and Cardano, Ethereum’s path forward is not without challenges. While the allure of turning a five-figure sum into millions is enticing, the path is littered with potential pitfalls.
On Monday, the wallet labeled “0x806,” one of the top 100 Ether traders tracked by Nansen, sold over $9.7 million worth of Ether — the second-largest Ether sale during the past 24 hours — data from Nansen shows. On Wednesday, a wallet labelled “0x159” — a top 100 trader tracked by Nansen — acquired $3.4 million worth of Ether. In comparison, ETH whale “0x929” bought $3.16 million and whale wallet “0x5dc” acquired $2.9 million worth of ETH, Nansen data shows. A cryptocurrency trader who recently increased their account from $125,000 to more than $43 million was almost liquidated on Wednesday for $6.2 million after Ether briefly fell near the $4,000 level. On Monday, a wallet labeled “0x806,” one of the top 100 Ether traders tracked by Nansen, sold over $9.7 million worth of Ether — the second-largest Ether sale during the past 24 hours — data from Nansen showed.
- Cryptocurrency can be lost when computers crash, people lose their paper wallets or forget their account passwords.
- Heading into last weekend, US spot Ether exchange-traded funds (ETFs) saw $59 million worth of outflows on Friday, interrupting eight consecutive days of net positive inflows, Farside Investors data showed.
- The exchange you use will depend on where you live, governing laws and personal preference.
Solana (SOL) Holds Recent Gains – Key Levels Before Another Surge
This aggressive reinvestment strategy amplified the returns during the period of market growth. Unfazed by the recent market fluctuations, the trader wisely closed all his positions amid the market downturn, locking in a considerable net profit of $6.86 million last Monday. According to Lookonchain, a blockchain data platform, this move boasted an impressive fifty-five-fold return on the initial investment, marking a significant achievement in a remarkably uncertain investment landscape.
- However, current selling pressure from multiple sources creates headwinds for near-term recovery.
- This impressive feat occurred over four months before a recent market downturn impacted the trader’s long positions.
- Unfazed by the recent market fluctuations, the trader wisely closed all his positions amid the market downturn, locking in a considerable net profit of $6.86 million last Monday.
- This development, coupled with broader market concerns, appears to have prompted some large ETH holders, often referred to as “whales,” to begin securing profits.
- Without strong buying interest to absorb ongoing selling pressure, the range-bound action may continue.
- Notably, before the market dip, CoinTab reported that Ether ETFs’ weekly trading volume alone accounted for about $17 billion in August 16.
ETHUSD news
The market downturn even inspired the notorious Radiant Capital exploiter’s wallet to acquire $16.6 million worth of Ether. The corporate and whale buying provides underlying support but has not yet offset selling from long-term individual holders and ETF redemptions. BitMine remains the largest corporate holder with approximately $8.04 billion in ETH.
Bloomberg Analysts Trace at XRP and Dogecoin ETFs, Right here’s What It Means for Traders
The private key is as close to unhackable as you can get in the online world, so the data is probably even more secure than if you stored it on a cloud-based service. The difference between Ethereum and current web application solutions is that these apps (and the currency) are open to everyone, free from censorship and much more secure than existing solutions. On-chain analytics firm Glassnode has explained how the Bitcoin price trend remains constructive as long as the asset trades above…
However, if your exchange does not allow this, you have to setup alerts, so you are aware of market movements and can place trades manually. Another good option for buy and hold investors is the hardware wallet. Ethereum is basically a software platform, like Microsoft Windows or macOS. The goal of Ethereum is to allow people to build decentralized applications on top of the Ethereum platform. Following Friday’s ETF outflows, more Ether whales have actually begun securing revenue in anticipation of a possible correction throughout the rest of the August recess duration.
But if you are still trying to figure out how to trade Ethereum, then this post will show you exactly what you need to know to get started. Solana started a fresh increase above the $240 zone SOL price is now consolidating gains below $240 and might aim… The New York Ledger is an online newspaper for cosmopolitans, global entrepreneurs, management staff, influencers, and other modern leaders who care about wider aspects and broader opinions.
The market downturn even impressed the infamous Radiant Capital exploiter’s pockets to amass a complete of $16.6 million price of Ether. On Wednesday, a pockets labelled “0x159” — a prime 100 dealer tracked by Nansen — acquired $3.4 million price of Ether. As compared, ETH whale “0x929” purchased $3.16 million and whale pockets “0x5dc” acquired $2.9 million price of ETH, Nansen knowledge exhibits. A cryptocurrency dealer who lately grew their account from $125,000 to greater than $43 million was virtually liquidated on Wednesday for $6.2 million after Ether briefly fell close to the $4,000 degree. The validity of each ether is provided by a blockchain, which is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
How to Trade Ethereum / Ether
We will also give you an understanding of how the Ethereum Network works, the risks involved, different trading strategies and how to place your first trade. This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.
US Spot Ether Exchange-Traded Funds Outflows
There are also exchanges that don’t require you to sign up for an account. You may have to provide some proof of identification when you sign up on some of these exchanges. If you want to get $10 in Bitcoin (which can be traded for Ether), just by signing up for Coinbase, then click this link. I don’t know how long that offer will last, so if that link doesn’t work, you missed out. Therefore, from a fundamental analysis standpoint, you need to understand what types of applications are being built on the network and how much demand there is for them. The quality of the applications will be Ether trader one factor that determines the value of the Ether.
Cryptocurrency can be lost when computers crash, people lose their paper wallets or forget their account passwords. Financiers must beware around any “hawkishness” from the United States Federal Reserve or a hold-up in rate cut expectations, which stay the main motorist of the crypto market, included Lee. Heading into last weekend, United States area Ether exchange-traded funds (ETFs) saw $59 million worth of outflows on Friday, disrupting 8 successive days of net favorable inflows, Farside Investors information programs. Corporate treasuries provide a counterbalance to the selling pressure. These entities now hold 2.97% of total ETH supply worth $15.49 billion at current prices.