According to data from crypto.news, Aethir hit a four-month high of $0.051 on the morning of Tuesday, September 9 (Asian time), before correcting to $0.042 at the time of writing. Even after this pullback, the DePIN token remains up 68% from its July low, with a market capitalization of $484 million.
The rally occurred amid a high-volume trading environment. Trading volume for Aethir spiked over 4,000% in the past 24 hours, with $388 million worth of the token changing hands. Meanwhile, Aethir futures open interest rose 55% during the same period, reaching an all-time high of $101.7 million. A long/short ratio above 1 indicates that many futures traders were leaning bullish, anticipating further short-term gains.
Aethir’s recent surge followed broader market optimism, with DePIN tokens like Bittensor and Arweave also rallying ahead of the highly anticipated Federal Reserve meeting. Analysts note that the likelihood of a 50-basis-point rate cut has increased, which would be the first cut in months.
The gains were further supported by renewed interest from smart money, which increased its holdings from 19.68 million ATH tokens to 28.4 million earlier in the day, according to Nansen.
However, caution may be warranted. Despite the initial buying spree, smart money wallets have seen a 37.6% decline in holdings over the past day, dropping to 12.26 million tokens at press time, suggesting that Aethir could be at risk of further correction.
Adding to the downside, holdings by public figures have also fallen sharply, dropping 63% over the same period.
Such rapid declines in wallet balances typically indicate profit-taking, which is common after strong rallies. However, sell-offs by high-profile investors can trigger bearish sentiment among retail traders, who often mirror their actions, increasing the risk of further short-term correction for Aethir.
Aethir price analysis
On the daily chart, Aethir has formed a multi-year descending triangle pattern. The token broke above the upper trendline yesterday, signaling a potential bullish reversal and invalidating the prior bearish setup.
Momentum indicators support the bullish outlook. The MACD has turned upward, accompanied by expanding green histogram bars, signaling increasing buying pressure. Meanwhile, the Relative Strength Index (RSI) has eased to 67 after briefly entering overbought territory, indicating that Aethir still has room to extend its gains.
The next key target for ATH is $0.050, corresponding to the 38.2% Fibonacci retracement level. A decisive break above this level could fuel further bullish momentum, with a potential upside target of $0.098—around 133% above the current price.
Conversely, the bullish setup would be invalidated if Aethir falls below the $0.040 support level, which serves as a critical threshold for sustaining upward momentum.
