Ether Is Not Done Rallying, VC Points to Market Structure Signaling Price ‘Heading Much Higher’

2021-5-17 15:55

Nothing goes up in a straight line and keeps on going forever.

And that's what has been happening to the cryptocurrency market. The pullback that started this week was amplified over the weekend as Bitcoin price crashed to just under $42,150 after Tesla CEO Elon Musk doubled down on his strikes against the leading cryptocurrency.

China FUD and Tether FUD further helped the market remain subdued, sending the market sentiments into extreme fear.

“Market is getting more emotional,” noted trader CL of eGirl Capital, “def a handful of people rage quitting, maybe there's more, maybe its over soon, when things get emotional it gets harder to predict.”

Ether, which has been enjoying an explosive run-up, wasn’t unaffected either as Bitcoin dragged all the crypto market down with it.

The price of Ether fell to $3,125, down nearly 29% from its all-time high of $4,380. However, this crash took ETH to the price level we only saw earlier this month, about a fortnight back.

As of writing, ETH/USD has recovered to trade above $3,500.

ETH/BTC has also topped at about 0.0823 and is currently around 0.0778.

But Ether is not believed to be done rallying with all the catalysts working in its favor.

ETH basis is something to watch, yes we corrected pretty heavy without leverage, but either we top without greed on futures because this time is different, or ETH is going significantly higher, L2 in two weeks, EIP 1559 July, send pic.twitter.com/eJFbNdR843

— CL (@CL207) May 17, 2021

According to crypto fund eGirl Capital, ETH price is heading much higher based on the market structure of the second-largest cryptocurrency.

Back at the end of October 2020, when BTC price was around $13,500, eGirl capital had also shared thoughts on Bitcoin market structure and why it was heading much higher. Since then, BTC has surged over 380% to a new ATH of $65k and is currently consolidating.

Ether futures market structure reveals that stablecoins, which means going long ETH with real money, is leading the growth in open interest (OI) rather than coin margined, which means longing eth using eth, noted eGirl Capital’s latest thread on Ether.

“In addition, less coin margined OI means less convexity to the down side, and the OI on these products having been reducing in ETH terms. Meanwhile, shorts are the more vulnerable side on stablecoin margined futures, these traders -need- to long to even obtain ETH exposure.”

As we reported, throughout Ether’s latest rally, the funding rate on perpetual contracts has been extremely low, which hinted at the uptrend being driven by spot buying and not leverage. Also, OI has been growing slower than the price.

“Even though OI growth on stablecoin margined future is growing, its vastly outpaced by price growth, hinting that people are stuck on sidelines in stablecoins on futures exchanges without ETH exposure, and thus, up only.”

Since the end of April, Ether has dominated the market, which has people now speculating an increasing possibility for ETH to flip Bitcoin.

Ethereum/USD ETHUSD 3,160.4962 -$336.91 -10.66% Volume 56.54 b Change -$336.91 Open$3,160.4962 Circulating 115.91 m Market Cap 366.34 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ETH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ETH~USD"); The post Ether Is Not Done Rallying, VC Points to Market Structure Signaling Price ‘Heading Much Higher’ first appeared on BitcoinExchangeGuide.

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market ether price higher signaling much heading

Источник: bitcoinexchangeguide.com

market ether → Результатов: 126


Фото:

Ether September Price Lows Could Signal End of Bitcoin Bear Market: Analyst

Ether (ETH) prices “capitulating” in September was “significant” to ending the 2018 cryptocurrency bear market, according to a new theory from one cryptocurrency analyst.   Thies: ‘We Were Looking In The Wrong Place’ In a series of tweets, UTR Equity’s crypto market commentator Eric Thies postulated that Bitcoin’s run to all-time price highs in December 2017 came as a result of Ether investment during the ICO phenomenon.

2018-10-9 16:00


Фото:

Of The $15B Worth Of Ether Raised By ICOs, $11B Has Already Been Sold: BitMEX Research

It hasn’t been the best year for Ethereum, seeing as though the valuable altcoin has shed over 75 percent of its value. While the market hasn’t been kind to other cryptocurrencies, rumors have its that the great price decline by Ethereum has been as a result of the hundreds of ICOs panic selling their Ether stashes in fear […] The post Of The $15B Worth Of Ether Raised By ICOs, $11B Has Already Been Sold: BitMEX Research appeared first on NullTX.

2018-10-2 04:16


Фото:

Bitcoin, Ether, XRP Weekly Market Update: September 27, 2018

BTC closed September 20, 2018, at $6,493 with substantial gains of approximately $100 and a third consecutive green candle on the daily chart. BTC-USD The U.S. Securities and Exchange Commission (SEC) stated on September 20 that it has begun a review process for the physically-backed bitcoin ETF proposed by VanEck and SolidX and will once again delay its decision in...The post %%POSTLINK%% appeared first on %%BLOGLINK%%.

2018-9-27 19:00


Фото:

Bitcoin Price Analysis: Potential Reaccumulation Could Test Bear Trend

Last week, after a devastating move that shook the market violently up and down for a 7% move in just a few short minutes, bitcoin saw a major sign of strength as it proceeded to have a slow, but steady markup where it managed to establish a local high in the $6,800s:Figure 1: BTC-USD, Hourly Candles, Shakeout Prior to MarkupThis shakeout forced the market to temporarily establish a new monthly low in what could be argued to be a stop-hunt prior to the move to the $6,800s.

2018-9-24 21:29


Фото:

ICOs ‘In a Lot of Trouble’ if Bitcoin Stays Under $10K, Says BitPay Exec

Controversial cryptocurrency payment provider BitPay appeared to back Bitcoin over altcoins this week as its CCO told mainstream media the ICO token market was “in a lot of trouble. ” Singh: Market Bottom ‘Hard’ To Call Speaking to Bloomberg in an interview that also featured regular commentator Joe Weisenthal, Sonny Singh focused heavily on Bitcoin as the cryptoasset, which had a chance of upside while remaining silent on major altcoins such as Ether (ETH) .

2018-9-14 22:00


Фото:

SEC Shuts Down Two Bitcoin and Ether Securities, Calls Out ‘Investor Confusion’

The U. S Securities and Exchange Commission halted two cryptocurrency-backed securities on Sunday following concerns of “market confusion” among participants. ETFs Remain a Gray Zone According to the SEC notice, XBT Provider’s Bitcoin and Ether exchange-traded notes (ETNs), Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF) will be suspended of trading until Sept.

2018-9-11 05:00


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