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Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon?

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Ethereum Investors Close 300K Long Positions On Bitfinex, Rally To Stop Soon?
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Data shows around 300k in ETHUSD long positions have been closed on the Bitfinex Ethereum futures market, something that could provide impedance to the latest rally.

Ethereum Long Positions Have Dropped By More Than 300k During The Last Few Days On Bitfinex

As pointed out by an analyst in a CryptoQuant post, the past data of the ETHUSD long positions on the crypto exchange Bitfinex would suggest the current pattern may prove to be bearish for the value of the coin.

The relevant metric here is the total number of Ethereum long positions (ETHUSD pair) currently open on the Bitfinex exchange.

When the value of the indicator is high, it means a bullish sentiment is more dominant among investors on the platform right now.

On the other hand, low values could suggest whales on the exchange currently don’t believe the coin’s price is going to go up soon.

Now, here is a chart that shows the trend in the ETHUSD long positions on Bitfinex during the past year:

The value of the metric seems to have sharply declined in recent days | Source: CryptoQuant

As you can see in the above graph, the quant from the post has marked the relevant points of trend for the ETHUSD Bitfinex longs during the period.

It looks like whenever Ethereum long positions on the platform have observed a plunge down, so has the value of the crypto.

This trend has taken place either immediately after the drawdown on the indicator, or some days following the fact.

The longest gap between the price plunge and the metric’s decline in the past year was back in March, where the crypto continued to rally for 18 days before forming the local top.

In the past week, the Ethereum longs on Bitfinex have once again seen a sharp downwards move, amounting to around 300k such positions being closed.

So far, the coin has continued to keep going up for around 6 days now. If the past pattern is anything to go by, then the current trend may mean ETH could observe a local top forming in the next 12 days.

ETHUSD

At the time of writing, Ethereum’s price floats around $1.7k, up 8% in the last seven days. Over the past month, the crypto has gained 40% in value.

The below chart shows the trend in the price of the coin over the last five days.

Ethereum Price Chart

Looks like the price of the coin has been mostly trending sideways during the last few days | Source: ETHUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead?

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Fantom (FTM) bounces back with a 5% rally in over 24 hours after it hit a massive low yesterday. On-chain metrics hint at a bull run. Still, buyers are still advised to be extra cautious.

  • FTM rallied 5% in the past 24 hours
  • Fantom’s on-chain metrics hinting a bullish movement
  • FTM experiencing strong selling pressure

FTM bulls are still trying to push through the resistance. Evidently, the downward movement in the past couple of weeks highlights that the lower timeframe is generally bearish.

Fantom Down Since August

Judging by the 12-hour chart, FTM is seen to spiral downward which has been in progress since August when Fantom breached below $0.38 as it retests the $0.33 resistance zone and key support at $0.286.

A higher timeframe range was also spotted on the charts from $0.31 to $.53. Notably, the $0.412 range has been the resistance and support level as seen since May.

Chart: TradingView.com

The two-hour chart for FTM reveals that another range may be formed. One was able to reach the range of $0.242 to 0.217.

According to CoinMarketCap, FTM price has slumped by 5.41% or trading at $0.2221 as of this writing.

While there is a possibility of a breach, the positioning of FTM sets it for a downtrend, especially with the increase in selling opportunities.

FTM RSI At 64, Hinting At A Bullish Movement

The crypto’s relative strength index peaking at 64 shows an obvious bullish movement with the OBV moving sideways as seen in the past week. With that in mind, even with FTM bouncing back from its low, both the price action and OBV aren’t hinting at any breakout at this point.

The resistance zone which worked as the key support in September could make significant strides again in the next couple of hours.

While buying FTM is a tempting feat it will only be an advantage when you do so under certain circumstances like a bullish market. However, Fantom is not shooting for a long-term range and is in fact even leaning towards a long-term downtrend.

A low-risk short may be apparent in the $0.244 range. An hourly session that closes above the $0. 251 zone will invalidate the bearish momentum. The bearish targets are spotted right at the middle of the range and include their lows.

Fantom Surprises With 5 Rally In Last 24 Hours –

FTMUSD pair trading at $0.2245 on the daily chart | Source: TradingView.com

Featured image from Zipmex, Chart: TradingView.com

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French Authorities Grant Crypto.com Regulatory License to Offer Services

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Cyprus Securities And Exchange Commission (Cysec) Grants Regulatory Approval To Crypto.com
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