Aethir price is experiencing a correction after surging as much as 70% earlier today, as smart money and high-profile investors began booking profits.
Summary
- Aerthir price hit a 4-month high of $0.051 earlier today.
- ATH rally cooled after smart money and public figures started offloading their holdings.
- It has invalidated a descending triangle pattern on the daily chart.
According to data from crypto.news, Aethir (ATH) rose to a 4-month high of $0.051 on Tuesday, Sep. 9, morning Asian time, before facing a correction to $0.042 as of press time. At this price, the DePIN token remains 68% higher than its July low. Its market cap stood at $484 million.
ATH’s rally today came in a high-volume trading environment. Notably, trading volume for the token rose over 4,000% in the past 24 hours, as $388 million worth of the token exchanged hands between traders.
On the side, Aethir futures open interest also increased by 55% over the period, reaching an all-time high of $101.7 million. A long/short ratio over 1 suggests many of these futures traders have been leaning on the bullish side, expecting further gains over the short term.
Aethir’s surge earlier followed bullish performance across the broader market, with DePIN tokens such as Bittensor (TAO) and Arweave (AR) rallying ahead of the highly anticipated Federal Reserve meeting. Based on recent macroeconomic data, experts say the odds of a 50-basis-point rate cut have increased, which would also mark the first cut in months.
The token’s gains were also fueled by renewed interest from smart money investors who ramped up their accumulation from 19.68 million ATH tokens to 28.4 million earlier today, data from Nansen shows.
Despite the brief period of buying seen earlier, the balance held by smart money wallets has declined by 37.6% to 12.26 million over the past day, as of press time.
Adding to the downside, the balance of tokens held by public figures has also dropped 63% over the same period.
Wallet balances dropping in such a short time period usually means investors are booking profits, which is typical market behaviour, especially after strong rallies. However, such sell-offs from high-profile investors could spark bearish sentiment among retail investors, who often follow them in making investment decisions. This could risk further correction for Aethir in the short term.
Aethir price analysis
On the daily chart, Aethir’s price action has formed a multi-year descending triangle pattern. The token broke out above the upper trendline yesterday, signaling a potential bullish reversal as it invalidated the bearish setup.
Momentum indicators support this view. The MACD lines have turned upward with expanding green histogram bars, a factor that hints at growing buying pressure. Meanwhile, the Relative Strength Index has eased back to 67 after briefly entering overbought territory, suggesting the token still has room to extend gains.
The next likely target for ATH lies at $0.050, which aligns with the 38.2% Fibonacci retracement level. A decisive break above this threshold could encourage further bullish momentum, with the projected upside target as high as $0.098, 133% above the current price level.
However, this setup would be invalidated if Aethir price falls below the $0.040 support level, which serves as the critical threshold for maintaining the bullish momentum.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.