Ethereum

Bank

Spot

<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-price-today-on-chain-data-signals-bearish-trends-for-eth-price-in-august/" rel="noopener noreferrer nofollow">Ethereum Price Today: On-Chain Data Signals Bearish Trends for ETH Price in August</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Ethereum (ETH) price closed last week on a bearish note after a notable rebound fueled by the recent approval of spot Ether ETFs. The large-cap altcoin, with a fully diluted valuation of about $407 billion and a daily average traded volume of around $11.1 billion, has already established a solid support range between $$2,928 and $2,831 in the past five months.</p>
<h2 class="wp-block-heading" id="h-waning-demand-for-ethereum">Waning Demand for Ethereum</h2>
<p>The ongoing cash outflows from the US-based spot Ether ETFs have weighed heavily on the Ethereum bullish sentiment. As of this report, the US-based spot Ether ETFs have registered a net cash flow of about $341 million.&nbsp;</p>
<p>Despite the notable cash inflows in the other spot Ether ETF issuers, Grayscale’s ETHE has over $7 billion in net assets under management, which will likely be dumped in the coming months.</p>
<p>Consequently, on-chain data shows that some large entities holding Ether have begun to dump Altcoin to preserve profits and capital.</p>
<p>For instance, a giant whale has recently been depositing huge amounts of Ether into different centralized exchanges, signaling possible capitulation.</p>
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   <p lang="en" dir="ltr">A giant whale deposited 25.8K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> ($87M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> just now!<br><br>Notably, this whale withdrew 26,721 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> from Binance at ~$3,457 from May 31 to Jul 25;<br><br>And has deposited 26,660 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> to the CEX at only ~$3,376 on Jul 17 and 29.<br><br>The est. total loss from <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> is $2.16M (-2.34%).… <a href="https://t.co/vjkE912IWj" rel="noopener noreferrer nofollow">pic.twitter.com/vjkE912IWj</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1817857951677448204?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
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<h2 class="wp-block-heading" id="h-ethereum-price-prediction">Ethereum Price Prediction&nbsp;</h2>
<p>With July ending on a bullish note, the crypto industry is likely to be trapped in a bearish outlook in August, as historical data supports. Moreover, the U.S. Fed will likely not initiate interest rate cuts on August 31, similar to China, the EU, or the Bank of Canada.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24Eth&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$Eth</a> has reached local supply on this bounce. This is the most likely place for us to see a rejection and continuation to the downside.<br><br>A drop to new lows on ETH from current levels is about a 17% move to the downside. An equivalent move down on <a href="https://twitter.com/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$btc</a> would put us just under 60K… <a href="https://t.co/YGtPRGq9f2" rel="noopener noreferrer nofollow">pic.twitter.com/YGtPRGq9f2</a></p>— CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1817859761079251166?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
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<p>According to a popular crypto analyst alias CrediBULL Crypto, Ethereum’s price will likely drop towards the support level around $2,814 I. The coming weeks. The crypto analyst expects a similar drop in Bitcoin towards the support level of around $60k.</p>

Ethereum Price Today: On-Chain Data Signals Bearish Trends for ETH Price in August

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