• About Us
  • Privacy Policy
  • Contact Us
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptounfold
No Result
View All Result
Home Cryptocurrency

Top Binance traders flip long on Ethereum as market structure grows strong

by admin
September 14, 2020
in Cryptocurrency
0
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter


Ethereum has shaken off the intense weakness it expressed throughout the day yesterday, with the cryptocurrency’s bulls now flexing immense signs of strength as its price pushes up towards the key resistance at $380.

Where the cryptocurrency trends in the near-term may depend largely on how it continues reacting to this crucial level.

If buyers are unable to shatter the selling pressure that exists here, it could see an influx of selling pressure that leads to another sharp selloff similar to the one seen yesterday.

This selloff caused the cryptocurrency’s price to plunge as low as $352 before it was able to find some strong support that slowed its descent and stopped it from seeing further losses.

Data now indicates that top traders on Binance are beginning to widely flip long on ETH, indicating that they are anticipating it to see further upside.

Ethereum rockets towards $380 as top Binance traders flip long

At the time of writing, Ethereum is trading up just over three percent at its current price of $378, which marks a notable climb from recent lows of $353 that were set during yesterday’s sharp decline.

This selloff came about independent from the aggregated market and indicated that the uptrend seen on Saturday, which led it up towards $390, was overheated.

The strong support at $350 was tapped twice before the crypto was able to rebound, ultimately rallying to highs of $385 before facing a rejection that sent its price down towards where it is currently trading at.

Analytics platform Coinalyze explained in a tweet from earlier today that top traders on Binance flipped long as soon as the crypto began surging higher this morning.

“Ethereum top traders on Binance, trend is long.”

Ethereum
Data Source: Coinalyze

Analyst: ETH’s market structure grows stronger following latest upswing 

While speaking about the impacts that this latest upswing had on Ethereum’s market structure, one analyst explained that it now appears to be poised to see even further upside.

He specifically notes that the next region to watch closely is $400, with a break and flip above this level potentially fueling an even larger upside move.

“ETH / USD: Looking good on both LTF & HTF right now, see no reason why we cannot see price action head towards $400 as the next target and see if we can possibly flip it to support. Also $360 seems to be the key support level to hold now.”

Image Courtesy of Cactus. Chart via TradingView.

The coming few days should shine a light on the longevity of this ongoing trend shift, as any further upside may invalidate the recent weakness Ethereum has seen.

Posted In: Ethereum, Analysis

Like what you see? Subscribe for daily updates.





Source link

Related Posts

DeFi Yield Protocol (DYP) Unveils CAWS Staking Pool with 50% APR in ETH Rewards

SolidProof Expands its Services to Provide Top-Tier Crypto Marketing Solutions

How to Create Your Own Cryptocurrency With ForkChain

Should You Buy and Hold Crypto or Rebalance Your Portfolio?

Tags: BinanceEthereumflipGrowslongMarketStrongstructuretoptraders

Popular

Press Release

A New Conservation Initiative is coming to Blockchain; Introducing: Black Rhino

by admin
May 9, 2022
0

A New Conservation Initiative is coming to Blockchain; Introducing: Black Rhino Black Rhino is a new conservation initiative seeking to...

Read more

CNX-Network Announces CoinX Presale for Sustainable Worldwide Payments

May 9, 2022

Coinbase Faces Q1 Earnings Challenge as Crypto Markets Weaken

May 9, 2022

Lazy 8ight Yacht Club Announces Plans To Expand Its Digital Marine Exploration

May 12, 2022

Galaxy Digital Records Q1 Loss of $111.7M Amid Fall in Crypto Prices

May 9, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Elimobile Launches the First Tokenized Telco, Partners with Elite Token to Create a Celebrity Powered Ecosystem
  • Indian Central Bank Says Cryptos Could Lead to “Dollarization” of Economy: Report
  • Tom swap First all in one Decentralized Service
  • Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptounfold.org

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptounfold.org

  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$49,095.002.28%
  • ethereumEthereum(ETH)$3,384.05-0.62%
  • HEXHEX(HEX)$0.1290085.45%
  • cardanoCardano(ADA)$2.18-2.77%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBinance Coin(BNB)$425.46-0.83%
  • SolanaSolana(SOL)$166.52-1.81%
  • rippleXRP(XRP)$1.04-1.73%
  • usd-coinUSD Coin(USDC)$1.000.74%