ETHFI: Many whales are participating (2024.03.17)

[MrSpasybo]

I - Onchain data from 52Hz Onchain (in Vietnamese)
I translated the 52Hz Onchain's post from Vietnamese to English, with refinements and explanations of crypto market slangs. I will present text + images so we can view, quote and discuss more easily. I think this is better than sending a simple link.

ETHER.FI, the 49th Launchpoool project on Binance with the participation of many whales. ETHER.FI is a project that allows users to deposit into ETH to receive EETH back and can use that EETH to continue staking.

A few days ago, the address associated with Justin Sun deposited 120,000 ETH ($473M) into ETHER.FI and was among the top for the amount of ETH deposited into the pool. This total amount of ETH comes from purchases on CEX and DEX in the price range from $2.9K-3K.

Not only Justin Sun, but addresses related to whales such as ETH Foundation, Coinbase Prime also have similar actions, and most of the above addresses are valid to receive the upcoming airdrop so it can be understood that the token number The allocated airdop will mostly go to whales ^[1].

The $0.5B worth of ETH accumulated by Justin Sun in the $2.9K-3K price range is currently very profitable but is still not sold, instead they continue to be staked to farm. We have nothing to be too afraid of as the market is correcting after a series of consecutive increases due to previous whale buying.

The presence of quite a few whales staking ETH into ETHER.FI makes it possible for ETHER.FI to handle liquidity coming from whales holding large amounts of ETH. ETHER.FI is also currently ranked top 1 and accounts for more than 50% of the TVL of the Liquid Restaking segment, and will likely be the leading project in this segment in the near future.

II - Technical analysis (Weekly chart)

ETHFI does not have a price chart yet, so we refer to ETHUSD to determine the state of the market.

ETHUSD is still well supported by Kumo cloud (Ichimoku), and MACD is still positive despite a light green Histrogram bar signaling a slight adjustment of ETH as well as the market after many weeks of overheating. As the market continues to maintain high levels, ETHFI will likely be pumped heavily by whale cash flows.

[1] Money Flow

[KryptoBull]

A few days ago, the address associated with Justin Sun deposited 120,000 ETH ($473M) into ETHER.FI and was among the top for the amount of ETH deposited into the pool. This total amount of ETH comes from purchases on CEX and DEX in the price range from $2.9K-3K.

Not only Justin Sun, but addresses related to whales such as ETH Foundation, Coinbase Prime also have similar actions, and most of the above addresses are valid to receive the upcoming airdrop so it can be understood that the token number The allocated airdop will mostly go to whales ^[1].

The presence of quite a few whales staking ETH into ETHER.FI makes it possible for ETHER.FI to handle liquidity coming from whales holding large amounts of ETH. ETHER.FI is also currently ranked top 1 and accounts for more than 50% of the TVL of the Liquid Restaking segment, and will likely be the leading project in this segment in the near future.

The majority of ETHFI tokens are currently held by whales, making it easier for them to manipulate the market. Whales are looking to accumulate more tokens by airdropping them to users. After listing, the token price will likely go sideways, with whales continuously pumping and dumping to make holders impatient and sell their tokens at a lower price.

Whales will not easily let go of ETHFI, as it is a project focused on restaking, which is a hot trend.
Whales will likely pump and dump the price to accumulate more tokens for the uptrend later this year.
We will soon see a large number of tokens being sent to large accounts.

[MrSpasybo]

The majority of ETHFI tokens are currently held by whales, making it easier for them to manipulate the market. Whales are looking to accumulate more tokens by airdropping them to users. After listing, the token price will likely go sideways, with whales continuously pumping and dumping to make holders impatient and sell their tokens at a lower price.

Whales will not easily let go of ETHFI, as it is a project focused on restaking, which is a hot trend.
Whales will likely pump and dump the price to accumulate more tokens for the uptrend later this year.
We will soon see a large number of tokens being sent to large accounts.

I think market manipulation is already a part of the market, and it's not necessarily a bad thing for MMs to choose a potential token to manipulate: in fact, investors will want to participate in that project more to also make a profit together with MM. Without MM, tokens will only increase in price based on real demand, which means that their prices will be unlikely to fluctuate much, and may even continuously decrease because the demand for using that token is not large enough to counterbalance the selling pressure from people who want to find opportunities from other tokens in the market.

ETHFI token price is recovering to the $4 zone after being pushed down to $2.8, showing that the MM's price holding efforts are very good. What we see on the price chart is not necessarily buying and selling based on real demand, but it could just be part of the MM's price manipulation plan to accumulate the amount of tokens in the airdrop.

[Trongduy]

A few days ago, the address associated with Justin Sun deposited 120,000 ETH ($473M) into ETHER.FI and was among the top for the amount of ETH deposited into the pool. This total amount of ETH comes from purchases on CEX and DEX in the price range from $2.9K-3K.

Not only Justin Sun, but addresses related to whales such as ETH Foundation, Coinbase Prime also have similar actions, and most of the above addresses are valid to receive the upcoming airdrop so it can be understood that the token number The allocated airdop will mostly go to whales ^[1].

Today, ETHFI's price has reached 7 USD, the whales are really good at making prices! There was a lot of negative news, the price dropped due to problems with the airdrop, but then it quickly recovered and created a new ATH to the surprise of investors. Those who sold ETHFI tokens at the 3 USD zone are probably regretting it and will easily be FOMO when the token price continues to rise in the coming days. We are only at the beginning of the uptrend, and the act of selling tokens to optimize portfolios all carries the risk of missing out on opportunities!

[MrSpasybo]

Today, ETHFI's price has reached 7 USD, the whales are really good at making prices! There was a lot of negative news, the price dropped due to problems with the airdrop, but then it quickly recovered and created a new ATH to the surprise of investors. Those who sold ETHFI tokens at the 3 USD zone are probably regretting it and will easily be FOMO when the token price continues to rise in the coming days. We are only at the beginning of the uptrend, and the act of selling tokens to optimize portfolios all carries the risk of missing out on opportunities!

ETHFI token price once reached $8.6 but has adjusted to $5.3 at the present time following the general trend of the market and BTC. However, I consider this to be just the necessary accumulation for the ETHFI price to continue to increase in the long term, when the restaking trend will explode and attract cash flow from the market.

Opportunities in the market will still wait for smart investors, those who sold at $3 can also consider returning to invest if they believe in the potential of ETHFI in the future. I do not intend to give investment advice, I just think that we should get used to accepting missing opportunities to move towards other opportunities in the future.

[jeraldskie11]

I greatly like the OP's post, and this may be a very great fundamental. I was curious how you got that information, and is there anything I can learn from it, such as how to assess whale movement?

However, when I look at the chart, I find no indication of a reversal. The market structure is solid, but I believe it is best to wait for signs of a reversal before investing.

[MrSpasybo]

I greatly like the OP's post, and this may be a very great fundamental. I was curious how you got that information, and is there anything I can learn from it, such as how to assess whale movement?

However, when I look at the chart, I find no indication of a reversal. The market structure is solid, but I believe it is best to wait for signs of a reversal before investing.

I don't have much experience with on-chain analysis either, this is the data analyzed and provided by the 52Hz team - a famous on-chain analysis team in Vietnam. I really like their analysis related to the behavior of whales when they manipulate the market. You can learn about on-chain analysis and use Arkham to have more basis for investment decisions.

Currently, we have the ETHFIUSDT chart, you can follow, choose the appropriate time frame and favorite indicator for easier judgment. I often use Sonic-R and it seems that the price chart has broken above the 4H EMA34 and suggests the possibility of an increase in the price of ETHFI in short term.