72% Of ETHUSDT Traders On Binance Go Long – Is This The Buy Signal You Need?

Scott Matherson

8 months ago

3 mins read

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In a recent trading activity on the crypto exchange Binance, 72% of ETHUSDT traders have taken long positions. This interesting sentiment is revealed through the trading analytics platform CoinGlass. This surge in long position is more notable as it comes after a week of Ethereum trending downwards.

The strong tilt toward long positions suggests that most traders are confident Ethereum’s price will rebound in the coming week. On the other hand, 27.97% of Binance traders are still holding short positions on ETHUSDT.

ETHUSDT Long Positions Soar: What’s Behind It?

According to data from CoinGlass, the ETHUSDT traders are currently leaning toward a bullish price for Ethereum in the coming weeks. Notably, the data is mainly confounded by the ETHUSDT perpetual traders.

The data reveals that the number of traders currently opening long ETH positions on Binance significantly outweighs those opening short positions by a ratio of 2.58, highlighting the bullish sentiment among some cohorts of traders.

At the moment, it is unclear why the majority of Binance perpetual traders are going long on Ethereum, except for just a general bullish sentiment on the longer term, as there are no expiration dates for their positions. 72.03% have long ETHUSDT positions opened in the past 24 hours.

ETH is currently trading at $2,422. Chart: TradingView

Meanwhile, 27.97% of ETHUSDT traders remain cautious and have taken short positions within the same timeframe. These traders may be skeptical about Ethereum’s price recovery in the long term. In comparison, 58.15% of BTCUSDT traders are going long, while 41.85% have short positions opened in the past 24 hours.

However, looking beyond Binance and at the wider crypto market, the sentiment appears to be less bullish. Data from aggregated crypto exchanges shows that spot traders are adopting a more neutral stance on Ethereum, and market participants are equally split between buyers and sellers. Particularly, the Exchanges ETH Long/Short Ratio shows 49.05% of market participants are buyers, while 50.95% are sellers in the past 24 hours.

What’s Next For Ethereum Price?

While the long positions on Binance suggest confidence in a rally, the neutral sentiment among spot traders points to a more cautious outlook. At the time of writing, Ethereum is trading at $2,420. According to data from Coinmarketcap, the altcoin is currently down by 8.38% in the past 24 hours.

Technical analysis shows that Ethereum is retesting a bottom trendline and is on the verge of breaking to the downside. If the bulls are unable to hold this trendline, it could cascade to a further 10.7% fall towards $2,150. On the positive side, a rebound on this trendline could push the crypto to the upside and retest $2,700 as October continues to play out.

Featured image from Pexels, chart from TradingView

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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