Ethereum Faces Short-Term Hurdles, But Long-Term Rally Potential Remains Strong
Ethereum is currently navigating through challenges but continues to display signs of potential for a rally.
With increased open interest and a rising Relative Strength Index (RSI), the market sentiment suggests higher highs and lows are on the horizon.
Although a slight dip in Ethereum’s price could occur in the short term, long-term traders stand to benefit, especially if the decentralized finance (DeFi) sector continues to grow and the Federal Reserve eventually cuts interest rates.
#Ethereum faces challenges but shows potential for a rally with increased open interest and rising RSI.
A slight dip is possible, yet long-term traders might gain if DeFi expands and Fed cuts rates.
Higher highs and lows are expected. pic.twitter.com/7lMFERQqvL
— Kyledoops (@kyledoops) October 17, 2024
A notable event occurred recently when the whale address 0x41a…87EB3 liquidated 3,066 ETH, worth approximately $8.03 million, making a profit of $1.05 million.
This whale had earlier withdrawn 5,000 ETH from Binance at an average price of $2,227 between August 2023 and February 2024 to participate in the Blast protocol.
Out of this amount, 2,000 ETH were sold in August, resulting in a cumulative profit of $1.26 million. The liquidation of ETH by whales like this suggests active profit-taking, but also reflects the ongoing volatility and opportunity within the Ethereum market.
巨鲸 0x41a…87EB3 三小时前清仓今年二月建仓的 3066 枚 ETH（约 803 万美金），若卖出将获利 105 万美金
该巨鲸在 2023.08 – 2024.02 期间以均价 $2227 从 #Binance 提出 5000 枚 $ETH 参与 #Blast，其中 2000 枚已于 8 月卖出，至此累计获利 126 万美金