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Ethereum (ETH) has surpassed the $3,200 level for the first time in over two years, creating solid optimism among its investors. However, despite this positive atmosphere, there are potential challenges, and data circulating in the market suggests that significant participants could create a negative outlook on ETH prices.
ETH Whales on the Move
Despite the recent uptrend, the transfer of 2,000 ETH (worth approximately $6.45 million) to Coinbase following the price increase by FTX and Alameda has brought concerns. These transfers to Coinbase could be interpreted as an attempt by these entities to capitalize on the recent price surge.
If these major companies decide to sell their ETH holdings on the open market, it could create significant downward pressure on Ethereum’s price and potentially lead to a decrease.
The actions of key players in the market could lead to price fluctuations and may cause smaller market participants to join in on the selling frenzy. This situation could potentially trigger a downturn.
Another significant indicator, the perpetual volumes, also reached all-time highs amidst Ethereum’s strong upward movement. Projects related to the subject, such as Muxprotocol, achieved an astonishing volume surpassing $1.9 billion last week, with the project’s returns skyrocketing to an incredible 93%.
The remarkable level of high returns seen in the project is another indicator of the rising interest in Ethereum-based projects.
ETH Performance Outlook
As of writing, ETH is trading at $3,223, marking a 2% increase over the last 24 hours. With Bitcoin also continuing to rise, ETH maintains its upward trend after surpassing the $3,000 and then the $3,200 levels.
On the other hand, an analysis of the Ethereum network also presents a positive outlook. Notably, the increase in Ethereum network growth indicates that even new users are turning towards accumulating ETH.
Investor sentiment is considered important for understanding the potential direction of ETH’s price. At the time of writing, there is a noticeable decrease in the percentage of short positions, indicating a shift towards a more optimistic investor sentiment.
This decrease in the number of short positions aligns with the generally positive trend observed in Ethereum’s recent price movements.
