Ethereum Derivative Market Sees Over 50,000 ETH Inflow – Price Fall Imminent?
2024年10月20日 - 2:00AM
NEWSBTC
In a bullish trading week, Ethereum (ETH) surged by over 8% as its
market price returned above the $2,600 price mark. However, amidst
this rally, certain market developments have occurred which raises
questions over Ethereum’s future price movements. Related Reading:
Ethereum Price Consolidates: Preparing for the Next Move Higher?
50,000 ETH Flow Into Derivative Exchange – Price To Rise Or Fall?
In a Quicktake post on CryptoQuant, an analyst with username Amr
Taha reported there has been a positive net flow of over 50,000 ETH
valued at $132.12 million on derivative exchanges. In this context,
net flow measures the difference between the amount of ETH
deposited and the amount of ETH withdrawn from derivative
exchanges, which are standard trading platforms for products such
as options and futures contracts. Therefore, a positive net flow
indicates a higher amount of ETH has been deposited than withdrawn
on the last day. Analyzing the implications of this development on
Ethereum’s price, Amr Taha has postulated two situations.
First, the analyst states that a positive net flow to derivative
exchanges could indicate a potential rise in selling pressure as
traders may be looking to offload their ETH either by opening a
short position or selling through a futures contract at a
predetermined price. Alternatively, a positive net flow may
indicate that traders are depositing ETH to use as collateral for
margin or future contracts betting that the price of ETH will rise,
thus expressing confidence in the token’s profitability.
Essentially, this massive positive ETH net flow holds significant
potential to swing Ethereum’s price either way based on traders’
actions. Related Reading: Survey Finds Almost 70% Of Ethereum
Institutional Investors Engaged In ETH Staking Ethereum Prepares
For Encounter With Crucial Resistance In other news, Ethereum
continues to trade at $2,636 reflecting gains of 1.11% and 12.89%
in the last one and 30 days respectively. Meanwhile, the token’s
daily trading volume is up by 12.89% and is valued at $17.06
billion. However, despite these positive metrics, data from
CoinMarketCap shows that market sentiment towards the altcoin is
largely bearish as investors perhaps anticipate a price retracement
following the ETH’s recent gain in the last week. Interestingly,
the Ethereum daily chart shows the token is approaching a key
resistance level at $2,700 which has served as a strong rejection
zone over the last two months. Albeit, the relative strength Index
is still some significant distance away from the overbought zone
indicating Ethereum’s price rally may be far from over and may
break past this resistance level. In addition, analysts have
observed an ascending triangle pattern on the ETH hourly chart
indicating strong bullish potential to surge past $2,700 reaching
as high as $2,870 in the coming days. Featured image from Bernard
Marr, chart from Tradingview
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