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Home»ALTCOIN NEWS»Ethereum: These two key factors will help shape ETH’s Q2 price.
ALTCOIN NEWS

Ethereum: These two key factors will help shape ETH’s Q2 price.

By Crypto FlexsApril 22, 20242 Mins Read
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Ethereum: These two key factors will help shape ETH’s Q2 price.
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  • A bullish Ethereum whale was liquidated due to volatile price movements.
  • Despite the price rise, holders were still unprofitable.

Ethereum (ETH) has experienced tremendous volatility over the past week, causing traders to lose money left, right, and center.

whales see red

Some whales as well as individual investors have been subject to liquidation in the past few days.

According to data from Lookonchain, the whale showed confidence in the asset’s potential by doubling down on its ETH position, despite previously suffering a total loss of $4.5 million, which it ended up losing.

The investor also made a sizable bet by withdrawing 8,249 ETH from Binance (BNB), converting it to COMP and borrowing 17.3 million Tether (USDT) from the platform.

Source: Lookonchain

Other traders were also liquidated. According to data from Coinglass, $6.28 million worth of long Ethereum positions were liquidated within 24 hours.

Despite these challenges, the number of long positions for ETH has increased significantly.

This suggested growing optimism among traders, reflecting optimistic sentiments about Ethereum’s future prospects.

Source: Coinglass

ETH’s implied volatility has also surged in recent days, reflecting the heightened uncertainty and risk prevalent in the market.

Although a higher IV is inherently more bearish and most traders prefer to sell assets during high IV periods, the overall sentiment towards ETH remains positive.

Source: The Block

Looking at the data

Over the past 24 hours, the price of ETH has risen 3.78%, indicating short-term bullish momentum. However, according to AMBCrypto’s analysis of Santiment data, network growth around ETH has declined.

This indicates that new addresses are losing interest in ETH tokens.

While the decline in network growth indicated a likely slowdown in new user adoption, the increase in velocity suggested increased trading activity and liquidity in the market.

Source: Santiment


Read Ethereum (ETH) price prediction for 2024-2025


Despite the price surge, ETH’s MVRV ratio remained negative at press time, indicating that Ethereum holders have yet to realize profits.

This scenario suggests a continued holding pattern among Ethereum investors and could potentially support further upward momentum in the price of ETH as holders await more favorable market conditions.

Source: Santiment

Next: What Bitcoin’s Post-Half-Life History Tells Us About BTC’s Price in 2024

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