On the Bitfinex Ethereum futures market, around $300k worth of long ETHUSD contracts have been closed, which may delay the current rise.
According to an analyst’s article, the historical data of the ETHUSD long holdings on the crypto exchange Bitfinex suggests that the present pattern may harm the coin’s price.
On the Bitfinex exchange, the relevant measure is the total number of open Ethereum long positions. When the indicator’s value is high, investors on the platform are now more optimistic.
On the other side, low values may indicate that whales on the exchange now do not anticipate a price increase for the currency shortly. Now, here is a graphic illustrating the trend of long ETHUSD holdings on Bitfinex over the last year:
As shown in the graph above, the quant from the article has underlined the significant trend points for the ETHUSD Bitfinex longs over time. It seems that if Ethereum’s long holdings on the site saw a decline, so did the value of the cryptocurrency.
In the last year, the most significant gap between the price drop and the metric’s decrease occurred in March, when the cryptocurrency continued to rise for 18 days before setting the local peak.
In the previous week, the Ethereum long holdings on Bitfinex have again seen a dramatic decline, resulting in the closure of around 300k long positions.
Approximately six days ago, the price of the currency began to climb. ETH may witness the formation of a local top during the next 12 days if the historical pattern is any indication.
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