Ethereum
Ethereum Longs See Biggest Candle Ever After ETF News — TradingView News
Data suggests that Binance users responded to the Ethereum exchange-traded fund (ETF) news by aggressively pursuing the cryptocurrency.
Ethereum net taker volume on Binance just saw its biggest candle ever
As CryptoQuant Community Manager Maartunn explains in an article on be approved.
“Net Taker Volume” here refers to an indicator that tracks the difference between the buy and sell volumes of ETH taker on a given centralized exchange.
When the value of this metric is positive, it means that the taker’s buying or selling volume currently exceeds the taker’s selling or selling volume on the platform. Such a trend implies that bullish sentiment dominates among investors.
On the other hand, the negative indicator suggests the presence of a predominantly bearish mentality among stock market users, as shorts outnumber longs.
Now here is a chart that shows the trend in Ethereum net taker volume on the Binance cryptocurrency exchange over the past few years:
NewsBTC
As shown in the chart above, the Ethereum Net Taker Volume on Binance has just seen a huge positive spike, with investors involved having just opened a large number of long positions on the platform.
Specifically, the value of the indicator during this peak was $530 million, which, according to the analyst, is the largest peak the cryptocurrency has ever seen.
“Binance traders are eagerly awaiting Ethereum ETF news like there is no tomorrow,” notes Maartunn. This is not particularly surprising, given that the market is very aware of what a spot ETF could mean for the asset after witnessing what happened to Bitcoin.
The ETF’s pre-approval had been bullish for BTC, and while the approval itself initially led to bearish price action, it ultimately paid off for the asset as capital began to flow. quickly flowing in via these investment vehicles and the coin saw a rally that led to a new all-time high (ATH).
In another X article, the CryptoQuant analyst pointed out that Ethereum open interest has also increased. “Open Interest” measures the total amount of ETH-related positions that are currently open on all derivatives exchanges.
This trend is not so unexpected, given that derivatives users have opened a large number of long positions in the asset. With this rapid surge, Ethereum Open Interest managed to establish a new ATH.
Historically, intense speculation has typically led to greater volatility for the coin, as the risk of large liquidations can become high during such periods. As such, this spike in open interest could signal turbulent times ahead for Ethereum.
ETH Price
So far in the ETF news-fueled rally, Ethereum has managed to surpass the $3,800 level, which is a milestone the coin has not reached since mid-March.