Ethereum Longs Set a New Record High on Bitfinex wth Nearly 82% of Margins Positioned Long
The second-largest cryptocurrency by market cap of over $14 billion, Ethereum has been enjoying a lot of traction lately. After successfully releasing its Constantinople hard fork, Ethereum got another positive push in the form of exclusive support from Samsung Blockchain wallet along with Ethereum-derived tokens. Moreover, the world’s first global investment app, Abra also added support for Ether most recently.
In another event, a report by Delphi Digital also shared that this digital asset could also outperform Bitcoin this year. Traders and investors are feeling extremely bullish on Ethereum price which is further evident from the picture the long and short positions are painting.
ETH USD longs have hit their all-time high record at 516406 today. In late September for the first time at 506112, Ethereum longs have hit this height again in late February this year at 511484 breaking the past record.
ETH USD Longs, Source: TradingView
Meanwhile, Ethereum shorts are constantly dropping down, making their way to the new all-time lows.
ETH USD Shorts, Source: TradingView
Crypto trader, Jonny Moe took to Twitter to summarize the situation, explaining,
We now have a new record high on the $ETH long:short ratio on Bitfinex, with 81.86% of margin positions currently long. Previous high was 81.38% set back in September.
Longs continue to hold near all time high levels as well, while shorts are near all time lows. pic.twitter.com/FY19vPzWC2
— Jonny Moe (@JonnyMoeTrades) March 12, 2019
A potential factor contributing to bullish interest in Ethereum price could be the SEC Chairman's stance on cryptocurrencies. Though Jay Clayton didn't explicitly took any cryptos name, he said,
“Overall, I believe we have taken a balanced regulatory approach that fosters responsible innovation in this area, while also protecting investors and the markets.”
Though it is expected by some analysts that prices could drop down, given the fact that longs have hit their all-time high, a sudden drop in prices is less likely to come. At the time of writing, Ethereum has been trading at $133.48 with 24 hours loss of 1.45 percent. Whereas, in the BTC market it is in the red by 0.07 percent while managing the daily trading volume of $4.4 billion.
Altcoins are enjoying strong gains while Bitcoin has got stuck just below $4k and in light of this, we might see Ethereum taking a hike.