News View Non-AMP

72.3% of ETHUSDT Traders Go Long, Binance Flashing a Buy Signal?

Published by
Zameer Attar

ETHUSDT traders are extremely bullish as bet on the long position skyrockets. According to the on-chain analytics firm Coinglass, 72.27% of Binance traders are going long on the ETHUSDT pair. It appears that traders have a strong conviction that the price of Ethereum will rise in the coming days. 

Meanwhile, 27.73% of Binance traders are still holding short positions, believing that the price will drop in the coming days. 

Ethereum (ETH) Technical Analysis and Upcoming Level

According to expert technical analysis, Ethereum remains in a position where it could soon skyrocket. Currently, ETH is supported by an ascending trendline and experiencing upward momentum. Based on the historical price momentum, there is a strong possibility that ETH could soar by 15% to reach the $2,815 level in the coming days. 

However, ETH’s recent doji candle at the support level has shifted the sentiment slightly from a downtrend to an uptrend. Additionally, the Relative Strength Index (RSI) indicates that ETH is currently in an oversold zone, hinting at a possible price reversal. 

This bullish thesis will only hold if ETH stays above the $2,330 level, otherwise, it may fail. 

On-Chain Metrics

Despite this positive outlook, ETH’s other on-chain metrics signal weak market sentiment. Coinglass’s ETH future open interest has declined by 1.2% in the past 24 hours, indicating reduced trader conviction as they may hesitate to build new positions.

Ether Current Price Momentum

At press time, Ether is trading near $2,415 and has experienced a slight price decline of over 0.45% in the past 24 hours. During the same period, its trading volume dropped by 38%, indicating lower participation from traders amid ongoing price reversal. 

Despite the mixed sentiment among traders, whales and institutions appear more confident, as they have started accumulating ETH following a recent price decline of 10%. On October 3, 2024, whales accumulated nearly 28,120 ETH worth $66 million, as reported by Coinpedia.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

Recent Posts

PEPE Price Prediction 2025, 2026 – 2030: Can Pepe Memecoin Reach 1 Cent?

Story Highlights The live price of the PEPE meme coin is . Pepe coin price…

April 25, 2025

Bitcoin Whale Profits $4.7M from 50 BTC Mined 15 Years Ago

A Bitcoin whale just woke up, moving 50 BTC mined over 15 years ago, now…

April 25, 2025

Mercari’s Mercoin Exchange Rolls Out XRP Trading with Wallets Starting at 1 Yen

Mercoin, a Japanese crypto services provider and subsidiary of Mercari Inc., has recently expanded its…

April 25, 2025

Bitcoin Price Prediction for Today: Will the BTC Price Reclaim $94,000 Before the Day’s Close?

The crypto market displayed a blend of bullish momentum and sector-driven outperformance, signaling a potential…

April 25, 2025

XRP News Today : Ripple IPO Plans On Hold Says Ripple President, Monica Long

Ripple News April 25th: Despite ongoing buzz and years of speculation, Ripple has confirmed it…

April 25, 2025

Is This the Game-Changer Pi Network Needed?

The Pi Network community just got some exciting news — and it could mean big…

April 25, 2025