Ethereum

bullish

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Whale activity and a 79% surge in trading volume hint at possible bullish momentum for Ethereum.</li>
 <li>An Ethereum ICO participant deposited 3,510 ETH into Kraken, suggesting growing confidence in Ethereum’s future.</li>
</ul>
<p>A significant deposit of 3,510 Ethereum (ETH) into <a href="https://coineagle.com/exchange/kraken/" rel="noopener noreferrer nofollow">Kraken</a> by an ICO participant who had been inactive for over two years has stirred interest.</p>
<h2 id="whale-activity-and-trading-volume-surge">Whale Activity and Trading Volume Surge</h2>
<p>The ICO participant, who initially gained 150,000 ETH now valued at $389.7 million, has made a significant move. This large-scale transaction suggests a growing confidence in Ethereum’s future.</p>
<p>With Ethereum trading at $2,656.39, up by 3.02% at press time, the market is now focused on whether this whale movement will spark a bullish momentum.</p>
<p>Ethereum’s trading volume has seen a sharp increase, rising by 79.30% over the last 24 hours to $28.21 billion at press time. This surge typically signals a growing appetite among traders, which often leads to higher price volatility.</p>
<h2 id="mixed-on-chain-metrics">Mixed On-Chain Metrics</h2>
<p>Despite the volume surge and whale activity, on-chain metrics for Ethereum present a mixed picture. Ethereum’s Net Network Growth remains neutral at 0.19%, showing no significant influx of new users.</p>
<p>However, the In the Money metric, a key indicator of how many investors are currently in profit, shows a bullish reading of 11.21%. This suggests a considerable portion of Ethereum holders remain in a profit position, which can reduce selling pressure and support price stability.</p>
<p>Metrics like Concentration and Large Transactions also present neutral trends, with no significant changes in whale accumulation. Therefore, while the whale deposit into Kraken hints at renewed market activity, it has not sparked a massive shift in Ethereum’s on-chain dynamics yet.</p>
<p>The Long/Short Ratio is slightly tilted in favor of bulls. As of the 23rd of September, 52.28% of traders held long positions, while 47.72% were shorting the market. This slight majority indicates that traders are leaning toward Ethereum’s price increasing further.</p>
<p>Ethereum’s recent whale activity and the sharp rise in trading volume suggest bullish potential. However, mixed on-chain metrics show the market remains cautious. The Long/Short Ratio gives bulls a slight edge, but broader market dynamics will ultimately dictate the direction.</p>

Ethereum’s Potential Breakout: The Two Key Factors To Watch For

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CoinEagle.com

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