Ethereum experienced an outflow at the start of the week, according to recent data from Michael van de Poppe. Despite this, Bitcoin ETF has seen significant inflows. To regain upward momentum, Ethereum needs to break through 0.046 BTC resistance level.
#Ethereum had outflow on the first day of the week, although it’s delayed information.
There are 0 flows on BlackRock, while #Bitcoin ETF has provided a substantial inflow.
Expecting this to pick up momentum, however, Ethereum still needs to break through 0.046 BTC. pic.twitter.com/9QmZXi2j6P
— Michaël van de Poppe (@CryptoMichNL) August 20, 2024
Ethereum’s performance has been under scrutiny as it faces outflows despite a strong Bitcoin ETF inflow. Additionally, Ethereum’s current price is $2,605.78 with a 24-hour trading volume of $13,188,403,770. It is down 0.16% in the last 24 hours and holds a market cap of $313,446,293,868 and a circulating supply of 120,288,941 ETH coins.
TraderSteve, a crypto analyst and trader on X, highlighted Ethereum as a key focus, noting that alt season hasn’t started yet. Furthermore he noted Ethereum has not reached a new all-time high, unlike Bitcoin. Hence, an Ethereum and altcoin season could be imminent based on the BTC dominance chart.
Currently, 65% of Ethereum holders are profiting at the current price, while 31% are facing losses. Moreover, 52% of Ethereum’s supply is concentrated in the hands of large holders, reflecting substantial ownership concentration. This data underscores the strong position of large investors in the Ethereum market.
Ethereum exhibits a strong positive price correlation with Bitcoin at 0.95, indicating a close relationship between the two cryptocurrencies. Additionally, over the past week, Ethereum transactions greater than $100,000 totaled $22.86 billion, with net outflows from exchanges amounting to $153.32 million, suggesting a withdrawal trend.
We’re looking very similar to August 2020 in my opinion.
1) ETH has not begun to outperform.
2) Price discovery bull run yet to be seen.
3) High skepticism; polarized time line.
4) Funding rates didn’t get anywhere close to crazy (yet).
5) US elections coming in November. pic.twitter.com/MFtNhAIrlG
— SalsaTekila (@SalsaTekila) August 20, 2024
Moreover, “SalsaTekila”, CEO of SalsaTekila, draws comparisons between the current market conditions and August 2020. SalsaTekila points out that Ethereum has yet to outperform and anticipates a price discovery bull run. Besides, high skepticism and polarized views characterize the current timeline. Funding rates have not surged dramatically, and the upcoming U.S. presidential elections in November could impact market dynamics.
Changellyblog analysis has assessed Ethereum’s price trajectory for 2024. Their prediction for 2024 year end suggests that Ethereum could reach a peak trading value of approximately $3,217.86, with a potential low of $2,823.96. The expected average price for Ethereum in December 2024 is $3,020.91.
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