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Ethereum Sees Uptick Despite Market Pullback, On-Chain Metrics Signal Caution

Ethereum Sees Uptick Despite Market Pullback, On-Chain Metrics Signal Caution

Samuel Edyme
by Samuel Edyme
1 month ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum has managed to diverge from the broader crypto market trend, posting gains while the overall market experienced a drop in capitalization.

Over the past 24 hours, the global crypto market fell by 5.3%, yet Ethereum registered a 2.4% increase, currently trading around $3,719. This move has drawn renewed interest from analysts, particularly as on-chain data suggests shifting trader sentiment and positioning.

Related Reading: Ethereum Is Becoming Crypto’s Reserve Asset: New Research

Short Squeezes and Whale Activity Shape Ethereum’s Recent Rally

Amr Taha, a contributor on CryptoQuant’s QuickTake platform, highlighted the significance of Ethereum’s recent price action. Taha noted that a sudden breakout above $3,700 resulted in over $160 million in short positions being liquidated on Binance.

Ethereum Binance liquidation delta.
Ethereum Binance liquidation delta. | Source: CryptoQuant

This event followed an earlier wave of $195 million in short liquidations near the $3,500 mark, pointing to a pattern of cascading short squeezes. As short-sellers rushed to cover their positions, this led to additional upward price momentum, at least temporarily.

Taha also observed a notable divergence in whale activity across assets. According to data from the Whales Screener, there was a net inflow of over $300 million worth of Bitcoin to centralized exchanges. At the same time, over $300 million in stablecoins was withdrawn from exchanges.

This combination may reflect a cautious outlook, as whales potentially prepare to sell Bitcoin while simultaneously reducing available liquidity for immediate buy-side activity.

Taha cautioned that such short squeezes can result in brief periods of elevated prices, often followed by consolidation or correction.

He identified several signs suggesting potential short-term headwinds: a drop in open interest following the liquidation cascade, whale deposits of BTC possibly in preparation for selling, and reduced exchange balances of stablecoins indicating limited new capital entering the market. “These conditions combined could contribute to a pullback if fresh inflows don’t materialize,” Taha wrote.

ETH’s Outlook as Market Enters Second Half of 2025

In a separate analysis, another CryptoQuant analyst Crypto Dan provided a broader perspective on Ethereum’s trajectory. While acknowledging that the recent price surge may introduce short-term correction risk, Dan argued that market indicators suggest this would likely be limited in scope.

Comparing current conditions to historical futures market overheating in March and November 2024, Dan pointed out that current leverage and sentiment levels remain relatively muted.

Ethereum funding rates on all exchanges.
Ethereum funding rates on all exchanges. | Source: CryptoQuant

He also noted that Ethereum’s performance has been restrained throughout this upcycle, even reaching undervalued levels at times. This could indicate that the asset still has room to rise, especially in the second half of 2025.

Related Reading: Bitcoin, Ethereum To Back Loans? JPMorgan Explores Bold New Option

If Ethereum continues to climb, Dan suggested it could also serve as a catalyst for altcoin activity, given their tendency to follow ETH movements in bull phases.

Ethereum (ETH) price chart on TradingView
ETH price is moving upwards on the 2-hour chart. Source: ETH/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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