In the midst of a market reversal, Ethereum (ETH) is positioned for a notable rally as bullish traders dominate the asset. According to CoinGlass, a leading on-chain analytics firm, 58.15% of top Ethereum traders are holding long positions, while 41.85% are holding short positions.
Traders Sentiment are Bullish for Ethereum
This data indicates a strong bullish sentiment among traders that could lead to a significant price increase. CoinGlass’s Long/Short ratio stands at +1.392, signaling a bullish market outlook (a ratio above 1 is indicative of a bullish market). Additionally, ETH future open interest has risen by 2.3% in the last 24 hours, reflecting increased bullish bets on long positions. This trend has been consistent for the past four trading days.
Ethereum Price Prediction
Expert technical analysis suggests that ETH remains bullish despite trading below the 200 Exponential Moving Average (EMA) on both four-hour and daily time frames. Recently, Ether broke out of a descending trendline on a four-hour time frame and is currently consolidating within a tight range between $2,330 and $2,375 levels.
Based on historical price momentum, if ETH breaks out of this consolidation zone and closes a candle above the $2,390 level, there is a high possibility it could reach the $2,570 level and potentially $2,840 in the coming days. However, this bullish outlook will only hold if Ether’s price closes a four-hour candle above the $2,390 level; otherwise, the rally may fail to materialize.
Ethereum Price Momentum
As of the latest data, Ether is trading near the $2,335 level and has experienced a price surge of over 2.5% in the last 24 hours. Concurrently, its trading volume has increased by 7.5%, indicating higher participation from traders and investors in the ongoing price reversal.
Institutions Recent Activity
Amid this price reversal, on September 10, 2024, during Asian trading hours, Metalpha, a Hong Kong asset manager, offloaded a notable 10,000 ETH worth $23.45 million on Binance. Over the past four days, the institution has sold a total of 33,589 ETH, valued at $77.55 million, on the exchange. This activity suggests that some investors, particularly whales and institutions, remain bearish or anticipate further price corrections.
For now, the market sentiment remains bullish as long as ETH stays above the $2,300 level. It is crucial to monitor these levels closely and watch for any potential shifts in trader sentiment and institutional activity.
