ETH: Strength in numbers
Whale transaction counts for transfers over $1 million spiked through August, coinciding with ETH’s climb above $4,300. Big players have been actively repositioning, adding momentum.
At the same time, ETH’s Futures Open Interest surged past $70 billion before settling near $60 billion.
Spot and derivatives markets are aligning behind Ethereum, with whales providing liquidity on one end and traders increasing exposure on the other.
At press time, Ethereum traded near $4,390, moving sideways after its strong rally earlier in August.
The daily chart showed little momentum, with the RSI indicating a neutral zone. The MACD also pointed lower, so short-term momentum had slowed even as prices stayed stable.
Author: Samyukhtha L KM
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