Ethereum Longs Surpass Two Million
Ethereum longs have risen above two million eth for the first time and on just one exchange, Bitfinex.
Some 2% of ethereum’s supply is now betting up on margin after a year long unperturbed bull run.
Ethereum shorts are at just 100,000 eth, while longs are now at some $1 billion worth of eth.
What’s interesting from the above chart is that these longs do not appear to see much red even while eth’s price falls.
Instead, at best there is some sideways or a small dip, followed by a new all time high in long buying.
That means significant buying pressure has been added to ethereum’s price since at least February this year when longs were at 500,000 eth.
Making sense of this ever increase in longs is not easy, but something similar happened for bitcoin in 2016.
The market maybe just thinks ethereum is undervalued, but others don’t know it yet due to bear euphoria.
So they betting with leverage that price will eventually correct to reflect eth’s value, and thus are longing in anticipation.
Such bet paid off and handsomely for bitcoin 2016, but whether it will do too for eth remains to be seen as we witness what may well be information asymmetry.
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Ethereum remained selling well above the $ 450 and $ 455 support levels. ETH price even broke through the $ 460 resistance level and settled well above the 100-hour simple moving average.
Toronto-based Hut 8 reported mining revenue of C $ 5.3 million, down 43% from the previous quarter, but the bitcoin mining company has confirmed its plans to expand its hash power as the price of the cryptocurrency continues to grow.
In November 2020, PayPal announced that all US account holders will be able to buy and sell cryptocurrencies, including bitcoins, through its platform. The news follows his announcement in October 2020 that he will present options for buying and selling cryptocurrency through a partnership with Paxos Crypto Brokerage.
A few months after drafting the last protocol proposal, Tezos has officially launched its fourth network update in two years. Called Delphi, it was launched earlier and aims to drastically reduce gas consumption along with other “minor fixes”.
Today, Uniswap is still in first place with more than $ 3 billion locked in, and over 80% of that is used for the UNI token farm. In five days, on November 17, these incentives will end and over $ 1.2 billion in Ethereum will be “released” in addition to the huge amount of UNIs that can be traded.
North Carolina will become the 41st state in which Binance’s US-based digital trading unit will be available. Binance.US, which debuted in September 2019, is expanding rapidly as it currently serves 80% of the US. The trading platform is available to both institutional and retail investors and boasts over 50 cryptocurrencies with over 100 trading pairs.
Author: by admin
Ethereum Classic Price Tops $5.03 on Major Exchanges (ETC)
Ethereum Classic (CURRENCY:ETC) traded 0.1% higher against the U.S. dollar during the 1 day period ending at 7:00 AM ET on November 13th. Ethereum Classic has a total market capitalization of $585.27 million and approximately $503.64 million worth of Ethereum Classic was traded on exchanges in the last 24 hours. One Ethereum Classic coin can now be purchased for about $5.03 or 0.00030978 BTC on popular exchanges including FCoin, Bitsane, C-CEX and Indodax. During the last week, Ethereum Classic has traded down 5.7% against the U.S. dollar.
Here’s how similar cryptocurrencies have performed during the last 24 hours:
About Ethereum Classic
Buying and Selling Ethereum Classic
Ethereum Classic can be purchased on these cryptocurrency exchanges: LiteBit.eu, ZB.COM, Coinhub, Ovis, Instant Bitex, YoBit, Bitbns, CoinEgg, BCEX, Koineks, BTC Markets, Coinnest, C2CX, BigONE, Cryptomate, Exmo, BtcTrade.im, Bit-Z, Bittrex, EXX, Crex24, Kraken, CoinBene, Binance, QBTC, OKEx, Stocks.Exchange, Gatehub, HBUS, FCoin, ABCC, OKCoin International, Bithumb, Coinone, Poloniex, Exrates, CoinEx, BTC Trade UA, Bitfinex, RightBTC, Korbit, LBank, CoinExchange, Liquid, Coinroom, Cryptopia, Coinbase Pro, Coinut, Kucoin, HitBTC, Upbit, BitForex, Coinsuper, Indodax, CPDAX, ChaoEX, C-CEX, Bibox, BTC-Alpha, Gate.io, Bitsane, Huobi and CoinTiger. It is usually not presently possible to purchase alternative cryptocurrencies such as Ethereum Classic directly using U.S. dollars. Investors seeking to acquire Ethereum Classic should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as GDAX, Coinbase or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Ethereum Classic using one of the aforementioned exchanges.
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Author: ABMN Staff
TA: Ethereum Close Above $470 Could Spark Larger Rally To $500
Ethereum is showing positive signs above the $455 support against the US Dollar. ETH price is likely to surge towards $500 if there is a clear break above $500.
Ethereum remained well bid above the $450 and $455 support levels. ETH price even broke the $460 resistance level and settled well above the 100 hourly simple moving average.
However, the price seems to be facing hurdles near the $468 and $470 levels. A swing high was formed near $468 and the price is currently consolidating gains. An initial support is near the $464 level. It is close to the 23.6% Fib retracement level of the recent increase from the $453 swing low to $468 high.
The first key support is near the $460 level or the 50% Fib retracement level of the recent increase from the $453 swing low to $468 high. More importantly, there is a major bullish trend line forming with support near $455 on the hourly chart of ETH/USD.
On the upside, the $468 zone is a key breakout zone. A successful break above the $468 resistance and a follow up move above the $470 resistance might open the doors for a sharp increase. The next major resistance is near the $480 level, above which ether price is likely to test the $500 handle.
If there is no upside break above the $470 resistance level, Ethereum might started a corrective decrease. An initial support is near the $460 level.
The main support is now forming near the $455 and $454 levels. The 100 hourly simple moving average is also positioned near the trend line support and $454. Any more losses could trigger a larger decline towards the $435 and $432 support levels in the near term.
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $454
Major Resistance Level – $470
This post was originally published on www.newsbtc.com