72% Of ETHUSDT Traders On Binance Go Long – Is This The Buy Signal You Need?
06 Oktober 2024 - 4:30PM
NEWSBTC
In a recent trading activity on the crypto exchange Binance, 72% of
ETHUSDT traders have taken long positions. This interesting
sentiment is revealed through the trading analytics platform
CoinGlass. This surge in long position is more notable as it comes
after a week of Ethereum trending downwards. Related Reading:
Injective (INJ) Down 20% As Market Retracement Forces Sell-Off The
strong tilt toward long positions suggests that most traders are
confident Ethereum’s price will rebound in the coming week. On the
other hand, 27.97% of Binance traders are still holding short
positions on ETHUSDT. ETHUSDT Long Positions Soar: What’s Behind
It? According to data from CoinGlass, the ETHUSDT traders are
currently leaning toward a bullish price for Ethereum in the coming
weeks. Notably, the data is mainly confounded by the ETHUSDT
perpetual traders. The data reveals that the number of traders
currently opening long ETH positions on Binance significantly
outweighs those opening short positions by a ratio of 2.58,
highlighting the bullish sentiment among some cohorts of traders.
At the moment, it is unclear why the majority of Binance perpetual
traders are going long on Ethereum, except for just a general
bullish sentiment on the longer term, as there are no expiration
dates for their positions. 72.03% have long ETHUSDT positions
opened in the past 24 hours. Meanwhile, 27.97% of ETHUSDT traders
remain cautious and have taken short positions within the same
timeframe. These traders may be skeptical about Ethereum’s price
recovery in the long term. In comparison, 58.15% of BTCUSDT traders
are going long, while 41.85% have short positions opened in the
past 24 hours. However, looking beyond Binance and at the wider
crypto market, the sentiment appears to be less bullish. Data from
aggregated crypto exchanges shows that spot traders are adopting a
more neutral stance on Ethereum, and market participants are
equally split between buyers and sellers. Particularly, the
Exchanges ETH Long/Short Ratio shows 49.05% of market participants
are buyers, while 50.95% are sellers in the past 24 hours.
What’s Next For Ethereum Price? While the long positions on Binance
suggest confidence in a rally, the neutral sentiment among spot
traders points to a more cautious outlook. At the time of writing,
Ethereum is trading at $2,420. According to data from
Coinmarketcap, the altcoin is currently down by 8.38% in the past
24 hours. Related Reading: Shiba Inu Burn Rate Shoots Up 1,000% –
Are New ATH Levels Just Around The Corner? Technical analysis shows
that Ethereum is retesting a bottom trendline and is on the verge
of breaking to the downside. If the bulls are unable to hold this
trendline, it could cascade to a further 10.7% fall towards $2,150.
On the positive side, a rebound on this trendline could push the
crypto to the upside and retest $2,700 as October continues to play
out. Featured image from Pexels, chart from TradingView
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