58% of $ETH Traders Are Long, Price Rally Incoming? - CoinPedia Analytics

Irma - Sep 10 - - Dev Community

Ethereum (ETH) is poised for a rally as 58.15% of top traders hold long positions, signaling bullish sentiment. CoinGlass’s Long/Short ratio stands at +1.392, and ETH futures open interest has risen by 2.3% in the last 24 hours, suggesting growing confidence in a price surge.

ETH is trading near $2,335, up 2.5% in the last 24 hours. If it breaks the $2,390 resistance, ETH could target $2,570 and $2,840. However, failing to close above $2,390 may stall the rally. Trading volume has increased by 7.5%, reflecting strong market interest.

Despite bullish sentiment, Hong Kong asset manager Metalpha recently sold 33,589 ETH worth $77.55 million on Binance, indicating some bearish institutional activity. Maintaining support above $2,300 is crucial for continued momentum.

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