{"id":11875,"date":"2024-10-06T14:30:58","date_gmt":"2024-10-06T14:30:58","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11875"},"modified":"2024-10-06T14:30:58","modified_gmt":"2024-10-06T14:30:58","slug":"72-of-ethusdt-traders-on-binance-go-long-is-this-the-buy-signal-you-need","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11875","title":{"rendered":"72% Of ETHUSDT Traders On Binance Go Long \u2013 Is This The Buy Signal You Need?"},"content":{"rendered":"

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.<\/a><\/p>\n

The strong tilt toward long positions suggests that most traders are confident Ethereum\u2019s price will rebound in the coming week. On the other hand, 27.97% of Binance traders are still holding short positions on ETHUSDT.<\/p>\n

ETHUSDT Long Positions Soar: What\u2019s Behind It?<\/h2>\n

According to data from CoinGlass<\/a>, 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. <\/p>\n

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.<\/p>\n\n

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. <\/p>\n

Meanwhile, 27.97% of ETHUSDT traders remain cautious and have taken short positions within the same timeframe. These traders may be skeptical about Ethereum\u2019s 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.<\/p>\n

However, looking beyond Binance and at the wider crypto market, the sentiment appears to be less bullish<\/a>. 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.\u00a0<\/p>\n

What\u2019s Next For Ethereum Price?<\/h2>\n

While the long positions on Binance suggest confidence in a rally, the neutral sentiment among spot traders points to a more cautious outlook<\/a>. 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. <\/p>\n

Technical analysis<\/a> shows that Ethereum is retesting a bottom trendline<\/a> 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.<\/p>\n\n

Featured image from Pexels, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"

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. The strong tilt toward long positions suggests that […]<\/p>\n","protected":false},"author":0,"featured_media":11876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11875"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11875"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11876"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}