Yes, my almost-invisible mob is completely opaque, which ruins the surprise...
Issue comments
I know this is late.
So I actually just found out tonight you can get a transparent mob if you upload an entirely blank base texture for your entity, and then upload the true entity texture under "Glow Texture of Entity". The rendering is a little funky when certain things are the background but its essentially a glowing, transparent entity. For a jellyfish it'd probably be alright.
Otherwise you might wanna try your handing at custom coding.
The current rendering system does not support this in any normal way as far as I know.
I believe Ghasts would be transparent if there would be any standard way to do this :D