The Ethereum (ETH) Price Surges, but Daily Transactions in Loss and Whale Activity Decline
The Ethereum (ETH) price surged on August 29 after trading around the $1,650 mark for ten days. However, despite the price increase, there are still more daily transactions resulting in losses. According to Santiment, the ratio of daily profit to loss transactions dropped to 0.62. Additionally, the number of Ethereum whale transactions, involving at least $100,000 worth of ETH, has significantly declined.
- ETH price saw a notable surge after consolidating around $1,650 for ten days.
- Ratio of daily transactions in profit to loss dropped to 0.62.
- Number of Ethereum whale transactions has significantly declined.
- Whale transactions hit a 10-day high on August 29 but have been dropping over the past two days.
- Ethereum’s price has declined by 0.5% in the past 24 hours, trading at $1,705.
The decline in daily transactions in profit and the decrease in whale activity suggest a more cautious approach from traders and investors. The drop in Ethereum’s 24-hour trading volume further signals a negative sentiment in the market. These trends may indicate a possible correction or consolidation phase for Ethereum in the near future.
Hot Take: Despite the surge in price, the decrease in profitable transactions and whale activity could signal a cautious sentiment among investors. Ethereum’s future price direction may depend on the market sentiment and whether it can attract new buyers.
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