Investors wagering on Ethereum push for growth: 60% take long positions amidst escalating market optimism
In the world of cryptocurrencies, Ethereum (ETH) is making headlines with a significant surge in trading volume, particularly in the last 24 hours. This surge suggests a strong bullish confidence among traders, as ETH currently trades at $4,520, down 3.15% over the past 24 hours.
The surge in trading volume is not the only indicator of Ethereum's bullish outlook. On-chain data confirms the accumulation of Ethereum whales, with large wallets increasing their holdings. A notable example is a whale who recently withdrew 3,000 ETH from Binance while accumulating 7,001 ETH overall, indicating active accumulation despite some floating losses.
The Average Direction Index (ADX) value for ETH reaches 28.75, above the threshold value of 25, suggesting that the ongoing trend is gaining strength. Furthermore, the ETHUSDT Long/Short ratio on Binance is 1.50, indicating strong trader interest.
If Ethereum holds above the $4,490 breakout level, it could potentially rally 7.5% toward $4,865. The asset's uptrend, as revealed by its Supertrend indicator, can only be sustained if ETH holds above the $4,490 level.
Ethereum's dominance in the altcoin market is evident in the global perps volume distribution. During the same period, altcoins, including ETH, dominated overall crypto trading volume by 85.56%. ETH led with $38.16 billion in trading volume, overtaking Bitcoin at $21.4 billion. Other altcoins like Solana (SOL) and Dogecoin (DOGE) also saw significant trading volumes of $17.24 billion and $10.16 billion respectively.
Trader and investor participation has skyrocketed during the same period, resulting in a 22% jump in trading volume for Ethereum. Data from spot inflow/outflow suggests that the substantial outflow of ETH from exchanges may signal an end to the correction soon.
Over $244 million worth of ETH has left exchanges in the past 48 hours, suggesting ongoing accumulation. Ethereum whales have added 30,432 ETH worth $141.66 million over the past 24 hours. At press time, 60.08% of Binance traders are betting on long positions, while 39.92% are on short positions.
On-chain analytics tool CoinGlass reveals strong investor and trader interest in ETH, underscoring the bullish sentiment surrounding the cryptocurrency. As Ethereum retests the key breakout level at $4,500, analysts and investors alike will be watching closely to see if the asset can maintain its bullish momentum.
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