Ethereum Primed to Sky-Rocket as Long Orders Hit Record Highs

Ethereum symbol over Earth
Ethereum now has a record number of long orders on the books; could we be at the beginning of a bull run?

Record long orders in the market make the bullish case for the world’s second-largest cryptocurrency.

Ethereum has surged by more than 6% in the past 24 hours, with prices holding above $214 for the third day running. 

After falling to lows of $104 in mid-March, Ethereum’s price struggled to reclaim above $210 in early May, following a slump in crypto as Bitcoin tanked the weekend before its halving.

But with post-halving uncertainty now in the rearview mirror, Ethereum has rallied to close above a major level three days in a row. Trading at levels above $214 sees ETH/USD firmly in the green, with the last 24 hours seeing bulls in control as they push to break resistance at $215 and aim for $220.

With these latest gains, Ethereum is the best performing asset of the day among the top five cryptocurrencies. Having opened on Monday’s trading session at prices near $207, the smart contract platform has added another $7 to its value in intraday trades as the Asian markets have begun their trading day.

A look at the ETH/USD hourly charts on the 4-hour log shows Ethereum has broken above its descending channel. With the relative strength index teetering towards oversold territory, bulls have enough wiggle room to muster a push to higher levels. That next level is $220, so if buyers push past sellers at this level, the steepest climb would be at $230 and then $250.

Bullish movement from Bitcoin could see Ethereum hit $275, although the potential for higher prices depends on a bull flag validation over the next few days. If Bitcoin’s bulls push above $10,000, Ethereum will likely track the gains.

Ethereum’s upcoming ETH 2.0 launch is also factored in as bullish news, that could see prices hit new highs in 2020.

ETH/USD poised for higher gains. Tradingview

Ethereum longs reinforce bullishness

Last week we highlighted that ETH/BTC longs hit record highs late April, and despite a massive crypto crash in mid-March, ETH/USD bulls on Bitfinex have hit even higher levels as positions have increased steadily over the past several weeks.

ETH/USD longs on Bitfinex/ Tradingview

ETH/BTC longs increased their positions by 50% between March 2019 and January 2020. The bulls have raised their overall positions to 90%, with only a brief period in February experiencing a slight dip. 

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin22,903 0.11 % 0.66 % 0.36 %
Ethereum1,574.9 0.16 % 0.15 % 3.56 %
Tether1.001 0.01 % 0.09 % 0.16 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
BNB283.64 0.09 % 0.32 % 2.79 %
XRP0.4687 0.46 % 4.02 % 4.38 %
Binance USD1.000 0.15 % 0.14 % 0.18 %
Cardano0.3753 0.52 % 1.22 % 0.32 %
Dogecoin0.09270 0.38 % 7.82 % 4.26 %
Polygon1.092 0.34 % 1.70 % 9.44 %

Bitcoin (BTC) $ 22,910.14
Ethereum (ETH) $ 1,575.36
Tether (USDT) $ 1.00
USD Coin (USDC) $ 1.00
BNB (BNB) $ 310.50
XRP (XRP) $ 0.402535
Binance USD (BUSD) $ 1.00
Cardano (ADA) $ 0.37511
Dogecoin (DOGE) $ 0.092671
Polygon (MATIC) $ 1.09