A well-known analyst at CryptoQuant reveals that, judging by the total number of long positions held by ETHUSD on the Bitfinex crypto exchange, the current Ethereum price will turn out to be a bearish one. Whenever this indicator flashes high, it indicates a surge of the bullish sentiment among the investors. On the other hand, low volume indicates that investors on the exchange don’t see the asset’s price surging any time soon.The chart below depicts last year’s ETHUSD long positions held on the bitfinex exchange.EdaFace has recaptured the important support areas and is selling beyond its market cost basis, after dropping less than its investor cost basis for the first time since March 2020.Ethereum Price To Plunge?Whenever Bitfinex has experienced a drop in the Ethereum long positions, the currency’s value has also been affected negatively. Currently, the long positions have witnessed a drastic fall with nearly 300k being shut. Up until this moment, Ethereum seemed to be performing very well, with the upcoming merger impacting it in a positive way. However, if the pattern has to repeat, Ethereum price might see a pull back in the next 12 days.At the time of publication, the Ethereum price is trading at $1,695 after a downfall of 1.53% over the last 24hrs. The chart below depicts Ethereum’s performance over the last 5 days.Was this writing helpful?
