Ethereum now has a record number of long orders on the books; could we be at the beginning of a bull run?
Record long orders in the market make the bullish case for the world’s second-largest cryptocurrency.
Ethereum has surged by more than 6% in the past 24 hours, with prices holding above $214 for the third day running.
After falling to lows of $104 in mid-March, Ethereum’s price struggled to reclaim above $210 in early May, following a slump in crypto as Bitcoin tanked the weekend before its halving.
But with post-halving uncertainty now in the rearview mirror, Ethereum has rallied to close above a major level three days in a row. Trading at levels above $214 sees ETH/USD firmly in the green, with the last 24 hours seeing bulls in control as they push to break resistance at $215 and aim for $220.
With these latest gains, Ethereum is the best performing asset of the day among the top five cryptocurrencies. Having opened on Monday’s trading session at prices near $207, the smart contract platform has added another $7 to its value in intraday trades as the Asian markets have begun their trading day.
A look at the ETH/USD hourly charts on the 4-hour log shows Ethereum has broken above its descending channel. With the relative strength index teetering towards oversold territory, bulls have enough wiggle room to muster a push to higher levels. That next level is $220, so if buyers push past sellers at this level, the steepest climb would be at $230 and then $250.
Bullish movement from Bitcoin could see Ethereum hit $275, although the potential for higher prices depends on a bull flag validation over the next few days. If Bitcoin’s bulls push above $10,000, Ethereum will likely track the gains.
Ethereum’s upcoming ETH 2.0 launch is also factored in as bullish news, that could see prices hit new highs in 2020.
ETH/USD poised for higher gains.
Ethereum longs reinforce bullishness
Last week we highlighted that ETH/BTC longs hit record highs late April, and despite a massive crypto crash in mid-March, ETH/USD bulls on Bitfinex have hit even higher levels as positions have increased steadily over the past several weeks.
ETH/USD longs on Bitfinex/
ETH/BTC longs increased their positions by 50% between March 2019 and January 2020. The bulls have raised their overall positions to 90%, with only a brief period in February experiencing a slight dip.
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