Undoubtedly, ETH USD is the focus of most crypto traders. In August, Ethereum crypto prices erupted, soaring to as high as $4,950, and printing fresh all-time highs. As it is, it is only a matter of time before prices explode, clearing $5,000. Bullish as this outlook is, it is critical for buyers to buttress prices, supporting ETH USD when sellers press on.
From the ETH USD daily chart, the path of least resistance is undoubtedly northwards. There is a sell wall at around $4,950, the August highs. On the lower end, primary support is at the psychological $4,000 level. Buyers must defend the $4,300 level printed earlier this week from being broken. If buyers take over, lifting valuation above $4,500 and ideally, $4,700, the range of this week’s price action, there is a higher probability of Ethereum crypto soaring to fresh all-time highs in early September.
(Source: TradingView)
The consolidation of this week can either be distribution or accumulation, depending on the breakout direction. Per Coinglass, momentum is dipping as volume is down 23% to around $100 billion in the last trading day. With falling volume, which is a gauge for trader interest, open interest is down 1% to $62 billion. Interestingly, traders are hedging. Options open interest is up nearly 2% to over $20 billion, though execution of the same options is down approximately 5% to $1.92 billion.
(Source: Coinglass)
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Ethereum Netflows and Liquid Staking Growth Hint at What To Expect In September?
Overall, traders are bullish. In OKX, Binance, and major exchanges, the long/short ratio is above 1, pointing to more long than short bets. However, if there is a better measure to gauge the true state of the market, it is by looking at the spot markets.
Based on CryptoQuant data, more holders are moving their coins from exchanges. While netflows have been turning positive, meaning exchanges have seen more deposits in the past 24 hours, it doesn’t compare to the mega withdrawals of the past few weeks.
There were bursts of ETH crypto withdrawals in late August, mid-August, and from the third week of July 2021.
(Source: CryptoQuant)
Coinciding with these withdrawals were steady price gains, which saw ETH USD outperform Bitcoin, gain more market share, and soar to all-time highs.
Concurrently, with rising prices, ETH holders flocked to liquid staking platforms like Lido Finance and Rocket Pool for a share of the mainnet’s near risk-free yield.
DeFi protocols in Ethereum currently manage over $93 billion worth of assets. Of the different protocols, liquid staking platforms, which allow ETH holders with less than 32 ETH to stake and earn a yield, are the largest and continue to explode.
(Source: DefiLlama)
Lido Finance, Binance Staked ETH, Liquid Collective, and Rocket Pool all saw inflows in August 2024. According to DefiLlama, Lido Finance saw a 14% increase in assets, pushing its total locked value (TVL) to over $39 billion.
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Will Token6900 Ride The ETH USD Wave?
Every tick higher in
Ethereum
3.00%
Ethereum
ETH
Price
$1,760.74
3.00% /24h
Volume in 24h
$20.09B
Price 7d
solidifies traders’ conviction that the altcoin season is here.
When some of the best cryptos to buy, excluding Bitcoin, boom, meme coins tend to be the biggest beneficiaries.
In September, Token6900 could be among the top performers.
Token6900 doesn’t pretend to be what it’s not. It is a pure meme coin and offers no promises.
Instead, it has been clear that it embodies “irony and ragebait chaos”. The native token, T6900, has no utility but instead thrives on attention and the speculative frenzy of the meme coin market.
Over $3 million has been raised in the ongoing Token6900 presale. T6900 investors will begin claiming their tokens in five days.
Before then, you can buy Token6900 for $0.007125 using crypto or bank cards. Afterward, you can stake the token, earning a 33% yield, receiving passive income, and possibly capital gains once T6900 begins trading on multiple exchanges.
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Ethereum ETH USD Must Clear $4,500, Token6900 Raises $3M
- ETH USD remains bullish, but buyers must push above $4,500 this weekend
- Exchanges posting negative netflows
- Liquid staking platforms like Lido Finance post massive inflows
- Token6900 presale raises over $3 million
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