![Ethereum - What does the Market say about the project? Deep dive into the most important Data investors should know [SERIOUS]](https://b.thumbs.redditmedia.com/MJXVjyq6qZceAIH7cWqjHOMt7qx9Ll6WSb8poPPH5iA.jpg "Ethereum - What does the Market say about the project? Deep dive into the most important Data investors should know [SERIOUS]") | Ethereum has been discussed heavily recently. While there haven't been any drama or big news lately, the price decline still draws a lot of attention. In this post I'll give you all the market data an investor might find interesting in a neutral perspective. ETH / BTCprobably a chart you have seen in the last days since it's been one of the more popular topics - ETH value is on a decline against BTC value a summary of highs & lows since the bullrun:Volume Dominance % of BTC & ETH While the volume spiked heavily prior & after the merge, it is on a decline since then. Where is it going? Based on markets towards other alt coins:Open interest dominance - how dominant is ETH trading over the crypto market: vs BTC: vs the crypto market excluding BTC: How is it being traded over the last year? ETH open interest suprisingly has only really declined and remained low since this year August 2023 with a current OI low close to the level after the FTX collapse. Liquidations have also declined heavily, which is most likely caused by the lower volume but also deleveraging. On chain Data - who is in profit?At the current price of $1577, ~49% of addresses have an average buy price above the current price. ~4% are "at the money" close to the current price, while 48% are underwater. Direct Volume & price data:While volume is on a decline since March, that is mostly the case for the majority of crypto assets out there. There's nothing outstanding visible here with Ethereum, nor bad or good. Just the normal few spikes during heavy sell offs but also pumps. Current future contracts with the highest open interest:Liquidation Data:before dump:- Shorts : Teal ( 50x leverage ), Blue ( 25x leverage ) Light green ( 100x leverage )- Longs : ( Red ( 50x leverage ), pink ( 25x leverage ) Orange ( 100x leverage ) After:What moved the sell off today:While prices declined steadily, ETH was heavily supported during the sell offs. However, after the first initial sell off there were a large amount of high levereaged positions opened which resulted into an higher open interest than before the sell off. A short plunge wiped out an equal large amount of positions within minutes fueling the volatility mostly to the downside. ETH Quarterly Futures Data:CONCLUSION:This Data is entirely based on Charts and how markets supply & demand move the price of the asset. Based entirely on the Data there is no significant visible anomaly that ETH "has fallen off" or "nobody cares anymore". Most of the Data shown above is just every day of the current illiquid conditions in crypto. While volume decline can be seen as negative and decline of interest, it is also a major bear market bottom sign for assets in the global market. The lower the demand & liquidity, the higher you can expect volatility will arrive with potential further flushes but also spikes to the upside on good news. At the end of the day Ethereum, same as all crypto, remain a highly speculative high volatile asset. Tomorrow, ETH could be below $1500 based on bad news but also above $1650 on some incredible bullish news. While the fundamental value of it's Tech might be on a decline, it remains short term noise and could change any month again. However the charts do not show significant obvious signs that ETH enthusiast are giving up the asset. [link] [comments] |
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