Amid this ongoing market reversal, the Ethereum (ETH) price is poised for a significant rally as bulls currently dominate the asset. According to on-chain analytics firm CoinGlass, 58.15% of top Ethereum traders hold long positions, while 41.85% hold short positions.
Traders are optimistic about Ethereum
This data suggests that bulls are back and could spark a significant upward rally. However, CoinGlass’ Long/Short ratio is currently at +1.392, indicating bullish sentiment (a ratio above 1 signals a bullish market outlook).
Meanwhile, ETH futures open interest has risen by 2.3% in the last 24 hours, reflecting bullish bets on long positions. However, it has been rising continuously for the last four trading days.
Ethereum Price Prediction
According to expert technical analysis, ETH appears bullish despite trading below the 200 Exponential Moving Average (EMA) on both four-hour and daily timeframes. Ether recently broke out of a descending trendline on a four-hour timeframe. Following the breakout, ETH is currently consolidating within a tight range between $2,330 and $2,375 levels.
Based on historical price momentum, if ETH breaks out of this consolidation zone and closes a candle above the $2,390 level, there is a high chance that it could reach the $2,570 level and the $2,840 level in the coming days.
However, this bullish thesis will only hold if Ether price closes a four-hour candle above the $2,390 level, otherwise the price may fail.
Ethereum Price Momentum
At the time of going to press, Ether is trading around the $2,335 level and has seen a price increase of more than 2.5% in the past 24 hours. Meanwhile, the trading volume has increased by 7.5% in the same period, indicating higher participation from traders and investors in the ongoing price reversal.
Settings Recent Activity
Amid this price reversal, Metalpha, a Hong Kong-based asset manager, dumped a remarkable 10,000 ETH worth $23.45 million on Binance during Asian trading hours on September 10, 2024. Over the past four days, the institution has offloaded a total of 33,589 ETH, worth $77.55 million, on the exchange.
This suggests that some investors, whales and institutions remain bearish or believe that further price corrections are coming. For now, the market appears bullish as long as it remains above the $2,300 level.
