ETHUSDT traders are showing overwhelming bullish sentiment as the number of long positions on the pair soars. Coinglass, an on-chain analytics firm, reports that a staggering 72.27% of Binance traders are currently holding long positions on ETHUSDT. This indicates a strong belief among traders that the price of Ethereum is set to rise in the near future.
On the other hand, 27.73% of Binance traders are still holding short positions, anticipating a drop in the price of Ethereum in the coming days. This divergence in sentiment among traders signals a potential turning point in the market.
Technical analysis experts suggest that Ethereum is poised for a significant uptrend, supported by an ascending trendline and positive momentum. Based on historical price movements, there is a likelihood that ETH could surge by 15% to reach the $2,815 level in the upcoming days.
Despite recent fluctuations, a recent doji candle at a key support level has shifted the market sentiment from bearish to bullish. The Relative Strength Index (RSI) also indicates that Ethereum is currently oversold, hinting at a potential price reversal in the near future.
However, the bullish outlook for Ethereum is contingent on the cryptocurrency maintaining support above the $2,330 level. Failure to do so could invalidate the bullish thesis and lead to a potential downturn in price.
In terms of on-chain metrics, ETH’s future open interest has seen a slight decline of 1.2% in the past 24 hours. This decrease suggests that traders may be hesitant to enter new positions, reflecting a cautious market sentiment.
At the time of writing, Ether is trading around $2,415, experiencing a slight price decline of over 0.45% in the past 24 hours. Trading volume has also decreased by 38%, indicating lower participation from traders amidst the ongoing price fluctuations.
Despite the mixed sentiment among retail traders, whales and institutions have shown confidence in Ethereum by accumulating significant amounts of ETH following a recent price dip. On October 3, 2024, whales reportedly accumulated nearly 28,120 ETH worth $66 million, signaling strong institutional interest in the cryptocurrency.
Overall, while there are conflicting signals in the market, the prevailing sentiment suggests a potential bullish trend for Ethereum in the coming days. Traders are advised to closely monitor key support levels and technical indicators to gauge the cryptocurrency’s future price movements accurately.