Ethereum ($ETH) continues to hover around $18,000. After successfully recovering from $1800, the altcoin showed relative strength and rose to $1876.
At the time of writing, Ethereum was trading at around $1,866, up slightly by 1.7% on the daily chart. as $ETH When the price moved around $1.8,000, whales became optimistic and opened long positions.
whale dumping ground $BTC For Ethereum Long
According to Lookonchain, 72 Bitcoins were sold in two newly created wallets ($BTC) became worth $4.66 million and then jumped to Ethereum.
After dump $BTCa trader opened a 20x long position at 12,000 $ETHworth approximately $22.4 million. so far, $ETH By staying above its entry price, the whale has already gained $275,000 and has spent $58,000 in funding fees.
Due to dumping by contractors $BTC for $ETHWhale considered it a better alternative and a more promising bet. Interestingly, this whale was not an isolated case as buyers returned to the market in a big way.
The derivatives taker buy/sell ratio rose to regain the 1 mark and has remained at this level for the second consecutive day so far. 1.13 suggests more buy orders were executed on the derivatives side.
As a result, large amounts of money flowed into futures positions. In the past 24 hours, $3.67 billion has flowed into futures positions and $3.32 million has flown out.
As a result, futures net flows rose 213% to $351.1 million, suggesting more money was flowing into new positions.
More importantly, most of these funds appear to have flowed into opening long positions. The long/short ratio remains above 1, with an average of 2 across Binance.
This means that more traders were bullish and expected further profits. $ETH price chart.
Will this bullish shift help? $ETH?
Ethereum buyers, especially derivative buyers, are starting to regain control of the market. In fact, the altcoin true strength index continues its upward trajectory, rising to 15 at the time of writing.
If the TSI is rising, it indicates bullish momentum is gaining strength and buyers are gradually taking back the market. An increase in this indicator often indicates that an upward trend is strengthening and likely to continue.
In fact, the momentum-adjusted moving average (MaMa) confirms the strength of this trend. $ETH It outperformed both MaMa at $1848 and Positive Feedback Band at $1875.
Under these circumstances, if buyers hold on to the derivative side, the altcoin will reverse to $1,900 and extend the uptrend. To maintain this bullish outlook, Ethereum needs to sustain above the mom positive feedback band at $1875.
Final summary
- a Trader opened a 20x long position at 12,000 $ETHworth about $22.4 million after dumping 72 items $BTC.
- Ethereum is showing relative strength, with buyers eyeing another day’s close above $1.8,000.
