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Ethereum falls after hitting $1,900 – Here’s what the whales did

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Ethereum falls after hitting $1,900 - Here's what the whales did

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  • ETH fluctuated rapidly between $1,900 and $1,800
  • Nearly $400 million in Open Interest (OI) was wiped out as the price dipped below $1,900

The crypto-market had a volatile weekend, with Ethereum [ETH] encountering a fair share of its own ups and downs.

ETH breaches $1,900, slips later

The king of altcoins hit the $1,900-level for the first time since July, according to CoinMarketCap. This, after the crypto oscillated rapidly between $1,900 and $1,800 on Sunday.

However, it failed to hold on to this psychologically important level. ETH descended steadily from $1,900, with the crypto priced at $1,879 at press time.

Source: CoinMarketCap

That being said, Ethereum has made strong advances of late. In doing so, it outperformed Bitcoin [BTC] in weekly gains. While the king coin appreciated by 1.98% in the last seven days, ETH hiked by more than 5%.

Open Interest drops sharply

The bout in volatility shook ETH’s derivatives market. Nearly $400 million in Open Interest (OI) was wiped out as the price dipped below $1,900, according to on-chain analyst Maartunn.

The dip followed sharp inflows, to the tune of more than $600 million, into outstanding ETH Futures contracts in the last week.

Source: Coinglass

The trend was aptly reflected in the trajectory of Coinglass’s Long/Short Ratio as well. Number of individuals going long on ETH started to increase as the price moved north. However, as the price started to bend, dominance of bearish-leveraged traders started to rise, resulting in higher shorts vis à vis longs.

Source: Coinglass

Whales still bullish on ETH

However, the change in structure was not a big matter of concern. Most of the whales still had a higher long exposure than retail investors, as per AMBCrypto’s examination of Hyblock Capital’s data.

While nothing in trading can be 100% certain, the behavior of whale investors is seen as a more accurate predictor of the market’s next direction. Hence, ETH could show bullish tendencies in the days to come.

Source: Hyblock Capital


Is your portfolio green? Check out the ETH Profit Calculator


Additionally, ETH investors are in a mood to buy more. This is evidenced by the readings of the Fear and Greed Index. As the sentiment is yet to reach a state of extreme greed, one can safely rule out the possibility of a price correction.

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Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance. He prefers DC over Marvel, cats over dogs and Hyderabadi Biryani over Kolkata Biryani.
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