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

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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. 

Source: Coinglass

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. 

Source: Trading View

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.