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Ethereum Traders Remain Bullish Despite Recent Pullback

05/24/2020
Ethereum traders remain, eth, price

Ethereum traders remain bullish despite the recent price pullback over the past few days, as ETH reached $208. The rest of the crypto market experienced a healthy retracement as well while ETH remains down from $227 which is a price correction of just 9% as we are reading in the ethereum price news below.

Amid the pullback, the Ethereum traders remain with the heads up high, siphoning more capital into the cryptocurrency. According to the data from the Bitfinex crypto exchange, there is now $361 million worth of ETH long positions on the platform and this is 2% less of the asset’s market capitalization. However, this figure is above what it was at the start of this year and the peak of the bull market of last year which was at $70 million and $150 million respectively. The bitfinex investors are bullish now and believe that they are convinced Ethereum is ready to rally more. However, there are signs that this rally will not transpire soon enough.

ETH chart

Data of ETHUSD longs on Bitfinex. (Source: crypto trader Josh Olszewicz)

One trader believes that the recent correction on the market brought the asset out of the textbook pennant saying that the ‘’ moon mission is now delayed.’’ The skepticism was supported by another crypto trader who shared that ETH is currently approaching heavy resistance and the weekly open and monthly open are coming up. These two levels are around $207 and $210 which is a struggling range for Ethereum to surpass. The cryptocurrency will have to reclaim these levels to confirm the upside as the analyst wrote in the reference chart outlining the levels.

eth price

ETH price chart courtesy of Teddy (@TeddyCleps on Twitter)

bulliEthereum’s bearish outlook was corroborated by the on-chain fundamentals. IntoTheBlock, the popular blockchain intelligence firm reported a few days ago that there are more investors that are looking into selling ETH than buying it and there’s also a slowdown in the momentum of the on-chain activity. The short-term outlook could be quite bearish for Ethereum but there is some prominent crypto analysts that are supporting the cryptocurrency in the long haul. The Winklevoss Twins Cameron and Tyler from the Gemini crypto exchange said:

 “We definitely own a lot of ether. They’re large and it’s a material amount. Yeah, quite large […] A couple of years back we made a concerted effort to buy a lot of ether.”

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