- ETH Spot Inflow/Outflow data reveals that exchanges saw outflows worth $35.6 million.
- 76% of top traders on Binance hold long positions, while 24% hold short positions.
Ethereum (ETH), the world’s second largest cryptocurrency by market capitalization, has attracted the attention of whales and investors due to its interesting price action.
Ethereum technical analysis and key levels
According to AMBCrypto technical analysis, ETH is approaching its highest resistance level and is struggling to break through it.
Historically, ETH has reached this level four times, each time facing selling pressure and a significant price decline. This trend may explain the increased participation of whales and traders.
Source: TradingView
Based on recent price action, if ETH breaks this hurdle and closes a daily candle above $4,100, it could surge 18%, reaching $4,850 in the coming days.
Positively, ETH is trading above the 200-day exponential moving average (EMA) on the daily time frame, indicating an upward trend.
On-chain bullish metrics
Overall market sentiment appears optimistic as Bitcoin (BTC) reclaimed $100,000 and other cryptocurrencies continued to rally.
This sentiment appears to support ETH’s upcoming rally. Whales and traders have shown strong interest and confidence in the altcoin, according to Coinglass.
ETH Spot Inflow/Outflow data from Coinglass reveals that exchanges across the crypto landscape saw significant ETH outflows worth $35.6 million. In the cryptocurrency space, the term “exit” refers to the movement of assets from exchanges to wallet addresses.
These metrics hint at potential bullish momentum, present an ideal buying opportunity, and reduce the likelihood of selling pressure.
Traders bet heavily on long positions
In addition to whale participation, traders also appear to be showing confidence in the altcoin. Coinglass’ ETH Long/Short ratio on Binance currently stands at 3.17, indicating strong bullish sentiment among traders.
Source: Coinglass
Currently, 76% of top traders on Binance hold long positions, while 24% hold short positions.
Combining these on-chain metrics, it appears that bulls are dominating the asset. This could help ETH break through one of its higher resistance levels.
Read Ethereum (ETH) Price Forecast 2024-2025
At press time, ETH is trading near $3,990, with a price gain of over 3.10% in the past 24 hours.
During the same period, its trading volume fell by 9%, indicating less participation from traders and investors compared to the previous day.
