Altcoins

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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