After experiencing the worst crash in 2024 during the past 48 hours, the crypto market – led by Bitcoin (BTC) and Ethereum (ETH) rebounded significantly today. According to the latest crypto data, the total crypto market cap rallied around 5 percent to regain above $2 trillion on Tuesday during the early Asian session.
Ethereum price rebounded from a crucial support level of around $2,171 and rallied more than 10 percent to reach a daily high of about $2,547. Following the heightened crypto volatility, approximately $633 million had been liquidated from the industry in the past 24 hours.
Ethereum Whales Seizes the Opportunity
Ethereum Fear and Greed Index is 17 — Extreme Fear
Current price: $2,419 pic.twitter.com/YbAp5yi1gX— Ethereum Fear and Greed Index (@EthereumFear) August 6, 2024
As the crypto market crashed with major global stock indexes on Monday, Ethereum’s fear and greed index dropped to as low as 17 percent, representing extreme fear of further capitulation.
However, on-chain data analysis shows whale investors turned greedy to seize the opportunity. Moreover, the crypto market is expected to continue with a bullish outlook in the fourth quarter after a choppy August and perhaps September.
For instance, a whale withdrew 16,236 Ether, worth about $40 million, from the HTX exchange.
Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!
This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).
Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74
— Spot On Chain (@spotonchain) August 6, 2024
Meanwhile, the US-based spot Ether ETFs registered a net cash inflow of about $1.64 million on Monday, led by VanEck’s ETHV and Fidelity’s FETH.
Midterm Ether Price Prediction
From a technical standpoint, Ethereum’s price against the US dollar is well positioned to revisit its all-time high in the near term, fueled by positive fundamentals. Furthermore, the large-cap altcoin, with a fully diluted valuation of about $302 billion, has been forming macro higher highs and higher lows, established characteristics of a rising market.
