Ethereum Long Positions Have Dropped By More Than 300k During The Last Few Days On Bitfinex
As pointed out by an analyst in a CryptoQuant , the past data of the ETHUSD long positions on the crypto exchange Bitfinex would suggest the current pattern may prove to be bearish for the value of the coin.The relevant metric here is the total number of Ethereum long positions (ETHUSD pair) currently open on the Bitfinex exchange.
Now, here is a chart that shows the trend in the ETHUSD long positions on Bitfinex during the past year:
The value of the metric seems to have sharply declined in recent days | Source:As you can see in the above graph, the quant from the post has marked the relevant points of trend for the ETHUSD Bitfinex longs during the period. It looks like whenever Ethereum long positions on the platform have observed a plunge down, so has the value of the crypto.
ETHUSD
At the time of writing, Ethereum’s price floats around $1.7k, up 8% in the last seven days. Over the past month, the crypto has gained 40% in value.
The below chart shows the trend in the price of the coin over the last five days.Looks like the price of the coin has been mostly trending sideways during the last few days | Source:
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com