The cryptocurrency trading community is abuzz with optimism as ETHUSDT traders display a bullish sentiment. According to Coinglass, an on-chain analytics firm, approximately 72.27% of traders on Binance are opting for long positions on the ETHUSDT pair. This inclination suggests that these traders have a firm belief that Ethereum’s price is poised for a rise in the near future.
Conversely, a minority of 27.73% of Binance traders are holding onto their short positions, anticipating a potential price decline. Such a division in trading strategies highlights the diverse expectations within the market regarding Ethereum’s price movements.
Ethereum (ETH) Technical Analysis and Upcoming Levels
In the realm of technical analysis, Ethereum is currently situated in a promising position that could potentially lead to a significant price surge. The cryptocurrency is presently bolstered by an ascending trendline, which is contributing to its upward momentum. Historical price data indicates a strong likelihood that Ethereum could achieve a 15% increase, potentially reaching the $2,815 mark in the coming days.
However, recent developments in Ethereum’s price pattern, particularly the formation of a doji candle at a crucial support level, have shifted market sentiment. This shift suggests a transition from a downtrend to a possible uptrend. Furthermore, the Relative Strength Index (RSI) reveals that Ethereum is in an oversold zone, hinting at an imminent price reversal.
This optimistic outlook hinges on Ethereum maintaining its position above the $2,330 level. Should it dip below this critical threshold, the bullish scenario may falter.
On-Chain Metrics
Despite the positive technical indicators, Ethereum’s on-chain metrics paint a picture of mixed market sentiment. Coinglass reports a 1.2% decline in ETH futures open interest over the past 24 hours. This decrease suggests waning trader confidence, as traders might be reluctant to initiate new positions amid uncertainty.
Ether Current Price Momentum
At the time of writing, Ether is trading around $2,415, experiencing a slight price dip of over 0.45% in the last 24 hours. Furthermore, the trading volume for Ether has decreased by 38% during this period, indicating reduced trader participation amidst ongoing price fluctuations.
Despite the apparent mixed sentiment among traders, larger market players, such as whales and institutional investors, seem to maintain confidence in Ethereum’s potential. Following a recent 10% price drop, these entities have begun accumulating Ether. Notably, on October 3, 2024, whales acquired nearly 28,120 ETH, valued at approximately $66 million, as reported by Coinpedia.
