The above findings suggested a high probability that the rally might be short-lived since the short-term calls were focused on short-term profits. But this does not necessarily guarantee that prices will not extend their upside in the short-to-mid-term.ETH’s upside will largely depend on whale activity. So what are ETH whales currently up to?
Supply distribution showed a slowdown in sell pressure, especially from some whale categories. This included addresses holding between 10,000 and 100,000 ETH. This could be considered noteworthy because the aforementioned category controls most of the circulating supply hence it has the biggest impact on price movements.The potential upside may also be limited by some whales that have been taking profits in the last 24 hours. In addition,Source: CryptoQuant
The surge in short-term calls reflected the spike in funding rates in the last 24 hours. This confirmed that there wasWe also saw a drop in leverage in the last few days due to liquidations and market uncertainty. However, the demand for leverage registered a small bounce back in the last 24 hours indicating a return of confidence.ETH exchanged hands at $1,953 at press time, which represented an 8.29% upside in the last two days.
However, investors should also note that the unexpected may also happen just as has been the case with the sudden pivot. ETH and other top cryptos may continue rallying higher if another banking contagion ensues.