Journalist
Posted:
- ETH’s Long/Short Ratio increased, suggesting a rise in bullish sentiment.
- However, market indicators remained bearish.
Ethereum [ETH], like most other cryptos, has been showing less volatility in the last few days. However, a key metric registered a massive uptick in the last 24 hours, hinting at a trend reversal in the coming days.
Is Ethereum ready for a comeback?
After a 2% weekly rise, ETH’s price volatility dropped. At the time of writing, the token was trading at $3.38k, with a market capitalization of over $407 billion.
Though this looked bearish, the ongoing trend might change soon.
Coinglass’ data revealed that Ethereum’s Long/Short Ratio shot up sharply in the last 24 hours. This means that there are more long positions in the market than short positions, which can result in a bullish trend reversal.
Source: Coinglass
Ali Martinez, a popular crypto analyst, posted a tweet revealing how investors were optimistic about ETH’s price rise in the coming days.
The tweet mentioned that 78.30% of traders on BitMEX with open Ethereum Futures trades were betting on the price going up!
Apart from this, EtherNasyonal, yet another famous analyst, posted a tweet suggesting that Ethereum could move towards $4.7k soon.
Odds of Ethereum recovering
The possibility of Ethereum once again gaining bullish momentum was high, as the token’s NVT ratio declined after a sharp uptick.
Whenever the metric drops, it means that an asset is getting undervalued, which results in price hikes.
Source: Glassnode
The king of altcoins’ exchange reserve was also dropping, which meant that buying pressure on the token was rising. Things in the derivatives market also looked pretty optimistic.
This was evident from Ethereum’s rising Funding Rate — a sign that the market is optimistic, and traders expect prices to rise.
Source: CryptoQuant
Though these aforementioned metrics suggested a trend reversal, technical indicators remained bearish. The MA Cross displayed a bearish advantage in the market, as the 9-day EMA was well below the 21-day MA.
The MACD also painted a similar picture of a bullish upper hand in the market.
Source: TradingView
Read Ethereum’s [ETH] Price Prediction 2025–2026
In case of a continued bearish trend, investors might first expect the token drop to $33.7 in the near term, as per Coinglass’ liquidation heatmap.
However, if bulls take charge, Ethereum might first target $34.56 before it eyes $4.7k in the coming weeks or months.
