{"id":557470,"date":"2023-10-25T18:00:35","date_gmt":"2023-10-25T18:00:35","guid":{"rendered":"https:\/\/uniquehot.com\/?p=557470"},"modified":"2023-10-25T15:23:23","modified_gmt":"2023-10-25T15:23:23","slug":"ethereum-rally-continue-could-the-factors-watch","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-rally-continue-could-the-factors-watch\/","title":{"rendered":"Will Ethereum Rally Continue? These Could Be The Factors To Watch"},"content":{"rendered":"

The data of two on-chain indicators may be referred to for finding out whether the latest Ethereum rally can go on or not.<\/p>\n

Ethereum Has Enjoyed A Sharp Rally Of More Than 12% In The Past Week<\/h2>\n

Like the rest of the cryptocurrency market, Ethereum has observed a rally during the past few days. Although the coin’s bullish momentum hasn’t been quite as strong as Bitcoin’s, its weekly gains of 12% are still nonetheless significant.<\/p>\n

Yesterday, the asset had been carrying even higher profits, as its price had touched above $1,850. In the past day, though, ETH has noted some drawdown, as it’s now trading under the $1,800 level.<\/p>\n

\"Ethereum<\/p>\n

ETH has registered some sharp growth in recent days | Source: ETHUSD on TradingView<\/a><\/pre>\n
After the pullback, some investors have been wondering whether the Ethereum rally is done for now or if it has hopes for continuing further. On-chain data from Santiment may hold some hints about that.<\/p>\n
ETH Exchange Supply Has Plunged, While Whale Transfers Have Spiked<\/h2>\n
In a new post<\/a> on X, the on-chain analytics firm Santiment has discussed two important ETH metrics. The first of these is the “whale transaction count<\/a>,” which keeps track of the total number of Ethereum transactions that carry a value of at least $100,000.<\/p>\n
Related Reading: All Clear For $40,000? Bitcoin Shows Little On-Chain Resistance Ahead<\/a><\/div>\n
Generally, only the whale entities are capable of moving such a large amount of the asset with a single transfer, so transactions of this scale are assumed to reflect the behavior of these humongous investors.<\/p>\n
The below chart shows the trend in this ETH indicator over the past few months.<\/p>\n
\"Ethereum<\/p>\n
Looks like the value of the metric has been quite high in recent days | Source: Santiment on X<\/a><\/pre>\n
As displayed in the above graph, the Ethereum whale transaction count has observed some pretty high values recently. This suggests that these large holders have been quite active in the market.<\/p>\n
At the peak of this spike, the indicator had a value of 6,049, which is the highest number of daily transactions that the whales have made on the network since April of this year.<\/p>\n
The whale transaction count metric by itself can’t point towards a bullish or bearish outcome for the cryptocurrency, as both selling and buying transfers are included in the count.<\/p>\n
It’s true, however, that whales would need to stay active if the rally has to continue, as their contribution will provide the necessary fuel for it. So far, the whales have been active indeed, but it remains to be seen whether they are still buying or if they are pivoting towards selling. The pullback in the Ethereum price may hint towards the latter.<\/p>\n
The other indicator that Santiment has attached to the chart is the “supply on exchanges<\/a>,” which measures the percentage of the total circulating ETH supply that’s sitting in the wallets of all centralized exchanges.<\/p>\n
From the graph, it’s visible that this indicator has only continued to slide down since the rally started, implying that investors have continued to make net withdrawals from these platforms.<\/p>\n
Related Reading: Bitcoin Long-Term Holders Stay Resolute Despite Rally, Supply Hits New ATH<\/a><\/div>\n
At present, 8.41% of the ETH supply is on exchanges, which is the lowest level since July 2015. Holders continuing to withdraw their coins can be a constructive sign for the cryptocurrency, as it can be a sign that accumulation is going on.<\/p>\n
Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
The data of two on-chain indicators may be referred to for finding out whether the latest Ethereum rally can go on or not. Ethereum Has Enjoyed A Sharp Rally Of More Than 12% In The Past Week Like the rest of the cryptocurrency market, Ethereum has observed a rally during the past few days. Although the coin’s bullish momentum hasn’t been quite as strong as Bitcoin’s, its weekly gains of 12% are still nonetheless significant. Yesterday, the asset had been carrying even higher profits, as its price had touched above $1,850. In the past day, though, ETH has noted some drawdown, as it’s now trading under the $1,800 level. ETH has registered some sharp growth in recent days | Source: ETHUSD on TradingView After the pullback, some investors have been wondering whether the Ethereum rally is done for now or if it has hopes for continuing further. On-chain data from Santiment may hold some hints about that. ETH Exchange Supply Has Plunged, While Whale Transfers Have Spiked In a new post on X, the on-chain analytics firm Santiment has discussed two important ETH metrics. The first of these is the “whale transaction count,” which keeps track of the total number of Ethereum transactions that carry a value of at least $100,000. Related Reading: All Clear For $40,000? Bitcoin Shows Little On-Chain Resistance Ahead Generally, only the whale entities are capable of moving such a large amount of the asset with a single transfer, so transactions of this scale are assumed to reflect the behavior of these humongous investors. The below chart shows the trend in this ETH indicator over the past few months. Looks like the value of the metric has been quite high in recent days | Source: Santiment on X As displayed in the above graph, the Ethereum whale transaction count has observed some pretty high values recently. This suggests that these large holders have been quite active in the market. At the peak of this spike, the indicator had a value of 6,049, which is the highest number of daily transactions that the whales have made on the network since April of this year. The whale transaction count metric by itself can’t point towards a bullish or bearish outcome for the cryptocurrency, as both selling and buying transfers are included in the count. It’s true, however, that whales would need to stay active if the rally has to continue, as their contribution will provide the necessary fuel for it. So far, the whales have been active indeed, but it remains to be seen whether they are still buying or if they are pivoting towards selling. The pullback in the Ethereum price may hint towards the latter. The other indicator that Santiment has attached to the chart is the “supply on exchanges,” which measures the percentage of the total circulating ETH supply that’s sitting in the wallets of all centralized exchanges. From the graph, it’s visible that this indicator has only continued to slide down since the rally started, implying that investors have continued to make net withdrawals from these platforms. Related Reading: Bitcoin Long-Term Holders Stay Resolute Despite Rally, Supply Hits New ATH At present, 8.41% of the ETH supply is on exchanges, which is the lowest level since July 2015. Holders continuing to withdraw their coins can be a constructive sign for the cryptocurrency, as it can be a sign that accumulation is going on. Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":557493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,87134,8686],"class_list":["post-557470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-rally","tag-ethusd"],"acf":[],"yoast_head":"\nWill Ethereum Rally Continue? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Will Ethereum Rally Continue? 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