Ethereum

bullish

Read

Baanx

On-chain indicators look bullish for Ethereum as the whale activity around the asset declines. 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) declined by 3.8% in the past 24 hours and is trading at $2,620 at the time of writing. The asset’s market cap is currently sitting at $315 billion. ETH’s daily trading volume, however, increased by 3%, reaching $15.6 billion. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14291639"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Ethereum-ETH-11.30.23-15-Aug-2024.png.webp"> 
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/08/Ethereum-ETH-11.30.23-15-Aug-2024.png" alt="Ethereum looks bullish, whale activity declines - 22"> 
 </picture> 
 <figcaption class="wp-element-caption">
 ETH price, funding rate, open interest, RSI and whale activity – Aug. 15 | Source: <a href="https://app.santiment.net/charts/ITa6dd8A__sCl" target="_blank" rel="">Santiment</a>
 </figcaption>
</figure> 
According to data provided by Santiment, the Ethereum total open interest decreased from $5.28 billion on Aug. 12 to $5.05 billion at the reporting time. Usually, lower price volatility would be expected with the decline in an asset’s open interest due to a lower amount of liquidations. 
Data from the market intelligence platform shows that the total funding rates aggregated by ETH plunged below the zero market for the first time since October 2023 — currently sitting at negative 0.0002%. 
 You might also like: <a href="https://crypto.news/analyst-upgrades-hut-8-mining-stock-to-buy-raises-price-target/"> Analyst upgrades Hut 8 mining stock to ‘Buy’, raises price target </a> 
Historically, a negative funding rate has triggered a short-term bullish momentum for <a href="https://crypto.news/66-of-ethereum-addresses-are-in-profit-data-shows/" target="_blank" rel="noreferrer noopener">Ethereum</a> despite traders expecting a price fall. 
Per Santiment, the number of whale transactions consisting of at least $100,000 worth of ETH has been constantly decreasing over the past three days — falling from 5,371 on Aug. 12 to 4,346 unique transactions over the past day. 
Moreover, the Ethereum Relative Strength Index is also showing that the asset is slightly oversold — currently hovering at the 42 mark. It’s important to note that a further selloff could trigger <a href="https://crypto.news/glossary/fud-in-cryptocurrency-trading/" target="_blank" rel="noreferrer noopener">FUD</a> and take the ETH price further below. 
One of the main reasons behind the recent decline in the ETH price is the <a href="https://crypto.news/ethereum-rises-despite-jump-trading-sell-off-etf-inflows-death-cross/" target="_blank" rel="noreferrer noopener">Jump Trading selloff</a>. The company has already <a href="https://platform.arkhamintelligence.com/explorer/entity/jump-trading" target="_blank" rel="">accumulated</a> over $64 million ETH tokens from different platforms and looks ready for sale.&nbsp; 
 Read more: <a href="https://crypto.news/metamask-announces-crypto-debit-card-partnership-with-mastercard-and-baanx/"> MetaMask announces crypto debit card, partnership with Mastercard and Baanx </a>

Ethereum looks bullish, whale activity declines

crypto.news

Other articles published on Aug 15, 2024

Coinbase Teases cbBTC on Base Network, Potential Rival to Wrapped Bitcoin

Marathon Digital Purchases $250M in Bitcoin (BTC) After Raising $300M Through Senior Notes

Flare sees gains as transactions rise, falling wedge pattern forms

Vitalik Buterin donates over $500K in animal-themed coins to charity

Cronos zkEVM Launches Its Alpha Mainnet powered by ZKsync

Ethereum Sees Surge in On-Chain Activity as Institutional Investment Soars

Join our free newsletter for daily crypto updates!