There Have Never Been This Many Ethereum Long Positions on Bitfinex

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Ethereum has been mirroring the price action seen by Bitcoin throughout the past few days and weeks This has mainly worked in its favor, but BTC’s immense momentum has not been enough to pull ETH past its crucial $500 resistance level The selling pressure here is quite significant, and whether or not the cryptocurrency can surmount this should shine some light into its near-term trend It is important to note that Ethereum has reclaimed a key support level that was previously lost This comes as traders flip long on ETH, with the open interest for long positions on Bitfinex reaching fresh all-time highs Ethereum and the entire crypto market have been caught within a bout of immense sideways trading throughout the past few days. The selling pressure seen around $480 has proven to be quite significant and has slowed its momentum on multiple occasions. However, $470 has long been the…

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