{"id":498165,"date":"2022-08-09T19:00:45","date_gmt":"2022-08-09T19:00:45","guid":{"rendered":"https:\/\/ktsl888.com\/?p=498165"},"modified":"2022-08-09T12:47:34","modified_gmt":"2022-08-09T12:47:34","slug":"ethereum-futures-loses-300k-long-rally-stop-soon","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-futures-loses-300k-long-rally-stop-soon\/","title":{"rendered":"Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon?"},"content":{"rendered":"<p>Data shows around 300k in ETHUSD long positions have been closed on the Bitfinex Ethereum futures market, something that could provide impedance to the latest rally.<\/p>\n<h2>Ethereum Long Positions Have Dropped By More Than 300k During The Last Few Days On Bitfinex<\/h2>\n<p>As pointed out by an analyst in a CryptoQuant <a href=\"https:\/\/cryptoquant.com\/quicktake\/62f169e1fa2e4d25922ccc3e-Whale-closed-300000-Long-positions-on-Bitfinex\" rel=\"nofollow\">post<\/a>, 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.<\/p>\n<p>The relevant metric here is the total number of Ethereum long positions (ETHUSD pair) currently open on the <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-shorts-decline-on-bitfinex-players-brace-for-upward-trend\/\">Bitfinex<\/a> exchange.<\/p>\n<p>When the value of the indicator is high, it means a bullish sentiment is more dominant among investors on the platform right now.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><strong><em>Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/why-bitcoin-at-100k-is-just-a-matter-of-time-says-bloomberg-intelligence\/\">Why Bitcoin At $100K Is Just A \u201cMatter Of Time\u201d, Says Bloomberg Intelligence<\/a><\/em><\/strong><\/div>\n<p>On the other hand, low values could suggest whales on the exchange currently don&#8217;t believe the coin&#8217;s price is going to go up soon.<\/p>\n<p>Now, here is a chart that shows the trend in the ETHUSD <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-funding-rate-highly-positive-long-squeeze\/\">long positions<\/a> on Bitfinex during the past year:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/2008\/quicktake\/DLr5ChBuQ_dbd81ddec13cc1cd0699c4f08f438a75c7f8bfba22578428eda6060dac99abb4.png?resize=1280%2C630&#038;ssl=1\" alt=\"Ethereum Long Positions Bitfinex\" width=\"1280\" height=\"630\"><\/p>\n<pre style=\"text-align: center\">The value of the metric seems to have sharply declined in recent days | Source: <a href=\"https:\/\/cryptoquant.com\/quicktake\/62f169e1fa2e4d25922ccc3e-Whale-closed-300000-Long-positions-on-Bitfinex\" rel=\"nofollow\">CryptoQuant<\/a><\/pre>\n<p>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.<\/p>\n<p>It looks like whenever Ethereum long positions on the platform have observed a plunge down, so has the value of the crypto.<\/p>\n<p>This trend has taken place either immediately after the drawdown on the indicator, or some days following the fact.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><strong><em>Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/glassnode-bitcoin-long-term-holders-distribution\/\"> Glassnode: Bitcoin Long-Term Holders Have Shifted To Distribution Recently<\/a><\/em><\/strong><\/div>\n<p>The longest gap between the price plunge and the metric&#8217;s decline in the past year was back in March, where the crypto continued to rally for 18 days before forming the local top.<\/p>\n<p>In the past week, the Ethereum longs on Bitfinex have once again seen a sharp downwards move, amounting to around 300k such positions being closed.<\/p>\n<p>So far, the coin has continued to keep going up for around 6 days now. If the past pattern is anything to go by, then the current trend may mean ETH could observe a local top forming in the next 12 days.<\/p>\n<h2>ETHUSD<\/h2>\n<p>At the time of writing, <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-crosses-1700-but-could-return-to-path-of-pain-expert-says\/\">Ethereum&#8217;s price<\/a> floats around $1.7k, up 8% in the last seven days. Over the past month, the crypto has gained 40% in value.<\/p>\n<p>The below chart shows the trend in the price of the coin over the last five days.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-498174 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/08\/chart-6.png?resize=460%2C159\" alt=\"Ethereum Price Chart\" width=\"460\" height=\"159\"><\/p>\n<pre style=\"text-align: center\">Looks like the price of the coin has been mostly trending sideways during the last few days | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" rel=\"nofollow\">ETHUSD on TradingView<\/a><\/pre>\n<pre>Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Data shows around 300k in ETHUSD long positions have been closed on the Bitfinex Ethereum futures market, something that could provide impedance to the latest rally. 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 post, 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. When the value of the indicator is high, it means a bullish sentiment is more dominant among investors on the platform right now. Related Reading: Why Bitcoin At $100K Is Just A \u201cMatter Of Time\u201d, Says Bloomberg Intelligence On the other hand, low values could suggest whales on the exchange currently don&#8217;t believe the coin&#8217;s price is going to go up soon. 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: CryptoQuant 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. This trend has taken place either immediately after the drawdown on the indicator, or some days following the fact. Related Reading: Glassnode: Bitcoin Long-Term Holders Have Shifted To Distribution Recently The longest gap between the price plunge and the metric&#8217;s decline in the past year was back in March, where the crypto continued to rally for 18 days before forming the local top. In the past week, the Ethereum longs on Bitfinex have once again seen a sharp downwards move, amounting to around 300k such positions being closed. So far, the coin has continued to keep going up for around 6 days now. If the past pattern is anything to go by, then the current trend may mean ETH could observe a local top forming in the next 12 days. ETHUSD At the time of writing, Ethereum&#8217;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: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":498177,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[925,86558,8323,1946,86499,14990,86557,8686],"class_list":["post-498165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitfinex","tag-crypto-exchange-bitfinex","tag-eth","tag-ethereum","tag-ethereum-bearish-signal","tag-ethereum-futures","tag-ethereum-longs","tag-ethusd"],"acf":[],"yoast_head":"\n<title>Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon?<\/title>\n<meta name=\"description\" content=\"Data 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. 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On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/keshavverma29\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29\"],\"url\":\"https:\/\/ktsl888.com\/author\/hououinkyouma29\/\"}]}<\/script>\n","yoast_head_json":{"title":"Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon?","description":"Data shows around 300k in ETHUSD long positions have been closed on the Bitfinex Ethereum futures market, something that could provide impedance to the","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-futures-loses-300k-long-rally-stop-soon\/","og_locale":"en_US","og_type":"article","og_title":"Ethereum Investors Close 300k Long Positions on 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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