Ethereum’s [ETH] path has now forked into two paths. The big players are back, but Futures aren’t quite there yet.
And regular traders? Still nowhere to be seen.
Who’s about to win?
Whales have returned, but not everyone’s happy!
Well, let’s start with the big money, because it just came back.
CryptoQuant’s Spot Average Order Size for Ethereum indicated “Big Whale Orders” again. This was with ETH near $2.4K. That’s the first time since mid-August.
There’s a story behind it. Whale-sized orders were all over the place through February and March. They came back in June too, during the bottom. Both times, the price recovered soon after.
There’s one catch here though. It’s clear how big the orders are, but not which way they’re going. Big trades could be buying the dip or selling. This is not a sure sign.
The Futures market’s a lot less friendly.
Futures Taker CVD has been sell-dominant since earlier this month. There hadn’t been a red stretch with this metric all year…until now.
Back in January and again from late April to May, it was firmly leaning on the buy-side. In that same window, ETH had slipped on the charts. The sellers weren’t exactly wrong.
Spot retail activity hasn’t leaned either way, with neutrality being the theme of the year. Not even during August’s rally!
So, it’s whales vs. Futures traders right now. Regular buyers? They are probably just bystanders.
Is ETH turning a corner?
Ethereum was valued at $2,433 at the time of writing, up 1.5% over the day. This, after the token hit $2,476 for a brief period of time.
The RSI made things interesting too. It was at 42.6, having just crossed above its Signal line at 39.4. That hasn’t happened since the drop from earlier in the month.
The Chaikin Money Flow (CMF) was negative at press time with a reading of -0.07. However, it was still climbing back from the -0.17 reading of the 14th. Simply put, sell pressure seemed to be getting slower.
Still, ETH has a long way back. Getting to $2,500 would be the first real win.
Final Summary
- Ethereum spot data’s at “Big Whale Orders” for the first time since mid-August.
- Futures traders have been sell-dominant all October.