76% of top traders on Binance hold long positions, while 24% hold short positions.
Ethereum [ETH], the world's second-largest cryptocurrency by market cap, has caught the attention of whales and investors due to its interesting price action.
According to AMBCrypto's technical analysis, ETH is approaching its strongest resistance level and struggling to breach it.
Historically, ETH has reached this level four times, each time facing selling pressure and experiencing a significant price decline. This pattern may explain the heightened participation from whales and traders.
Based on recent price action, if ETH breaks this hurdle and closes a daily candle above $4,100, it could soar by 18%, reaching $4,850 in the coming days.
Positively, ETH is trading above the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend.
The overall market sentiment appears to be bullish as Bitcoin's [BTC] reclaimed $100,000, and other cryptocurrencies continued to rally.
This sentiment seems to support ETH's upcoming rally. Whales and traders have shown strong interest and confidence in the altcoin, according to Coinglass.
Coinglass's ETH Spot Inflow/Outflow data reveals that exchanges across the crypto landscape have witnessed significant ETH outflows worth $35.6 million. In cryptocurrency, "outflow" refers to the movement of assets from exchanges to wallet addresses.
These metrics hint at potential upside momentum, present an ideal buying opportunity, and reduce the likelihood of selling pressure.
In addition to whale participation, traders also appear to be showing confidence in the altcoin. Coinglass's ETH Long/Short ratio on Binance currently stands at 3.17, indicating strong bullish sentiment among traders.
Currently, 76% of top traders on Binance hold long positions, while 24% hold short positions.
Combining these on-chain metrics, it appears that bulls are dominating the asset. This could help ETH breach one of its strongest resistance levels.
Read Ethereum's [ETH] Price Prediction 2024-2025
At press time, ETH is trading near $3,990, with a price gain of over 3.10% in the past 24 hours.