The strong bias towards long positions suggests that most traders are confident that the Ethereum price will recover next week. On the other hand, 27.97% of Binance traders still hold short positions in ETHUSDT.
Long positions in ETHUSDT are on the rise: what's behind it?
According to CoinGlass data, ETHUSDT traders are currently bullish on #Ethereum in the coming weeks. Notably, this data mostly confuses the persistent ETHUSDT traders. According to the data, the number of traders going long on ETH on #Binance significantly exceeds the number of traders going short by a ratio of 2.58, indicating bullish sentiment among some groups of traders.
It is currently unclear why the majority of traders on Binance open long positions on Ethereum other than general bullish sentiment for the long term, as the positions do not have an expiration date 72.03% have opened long positions on ETHUSDT in the last 24 hours. open positions.
On the other hand, 27.97% of ETHUSDT traders remain cautious and hold short positions on the same timeframe. These traders may be skeptical about the long-term recovery of Ethereum price. In contrast, 58.15% of BTCUSDT traders have opened long positions and 41.85% have opened short positions in the past 24 hours.
Once you look beyond Binance to the broader cryptocurrency market, however, sentiment seems less bullish. Aggregated data from crypto exchanges shows that spot traders are taking a more neutral stance towards Ethereum, with market participants equally divided into buyers and sellers. At the time of writing, Ethereum is trading at $2,420. According to Coin Market Cap data, the altcoin has fallen by 8.38% over the past 24 hours.
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