The ETH Long positions on Bitfinex skyrocketed to $510 million as the uptrend continues on building momentum as we are reading more in the upcoming Ethereum news today.
Ethereum was caught within the intense uptrend over the past few days and surged from its recent low of $230 to a high of $285 which was set earlier. The cryptocurrency’s intense strength is creating a new pattern that allowed Bitcoin to increase higher with the benchmark cryptocurrency reaching $9600. One byproduct of the strength of the cryptocurrency was the massive influx of ETH long positions on Bitfinex.
The notional long count on the platform increased to fresh highs and there is now being over the $510 million worth of open ETH longs. Looking from the technical perspective, Ethereum’s outlook is quite strong. Analysts are watching the weekly close for insights into where it could trend in the upcoming weeks. At the time of writing, Ethereum is trading up about three percent from the current price of $283 while this marks a notable climb from the weekly low of $233 which was set on July 19th.
ETH’s strength over the past few weeks allowed it to significantly outperform Bitcoin even creating a tailwind which boosted the cryptocurrency higher. Over the 20 percent climb that it has posted over the week, caused it to form a strong market structure. While looking towards the weekly chart, one analyst noted that ETH is healthy at the moment and remaining in the bull territory as long as it trades above the $250:
“ETH HTF Update: Market structure playing out perfectly, will not be bearish unless we close a daily or a weekly candle below $250, seems as though PA is looking super healthy right now!”
Over the past year, investors were loading up on ETH Long positions on Bitfinex increased over $500 million at the start of the year to $510 million today, which marks a 900 percent increase. The growth is likely premised on the bullish narratives that are counting in Ethereum’s favor.
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The upcoming shift to ETH 2.0 is expected to launch in November of 2020 and the DeFi sector is growing while the users are boosting the transaction volume to the ETH blockchain.
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