Ethereum Forms Grim “Triple Top” Formation as 92% of Traders Go Long

  • Ethereum has pushed higher despite Bitcoin’s stability, leading bulls to retest its key near-term resistance
  • The cryptocurrency is on the cusp of forming a highly bearish technical formation that could be confirmed if it posts another harsh rejection at its current price level
  • This comes as 92% of Betfair Traders on Bitfinex go long on ETH, signaling that a long squeeze may be imminent

Although Bitcoin has continued extending its bout of rangebound Betfair Trading within the mid-$7,000 region, Ethereum’s bulls came out in full force overnight, propelling the cryptocurrency back up to its near-term resistance at $198.

There is a highly bearish technical formation that the cryptocurrency is on the cusp of forming, however, as a popular trader recently pointed to a potential “triple top” as one reason why ETH may soon see some notable losses.

The downtrend resulting from a confirmation of this pattern could prove to be dire, with the massive quantity of ETH longs on Bitfinex potentially acting as fuel for a massive downside movement.

Ethereum Breaks Correlation to Bitcoin, Rallies to Key Resistance

At the time of writing, Ethereum is Betfair Trading up just over 1% at its current price of $198, marking a notable climb from daily lows of roughly $193 that were set when ETH was Betfair Trading in close tandem to Bitcoin.

In the near-term, how the crypto trends will likely be dependent on its reaction to the resistance it is facing at $198, as a break above this level could trigger a major rally.

A rejection here, however, could prove to be dire, leading the crypto to see massive losses due to the confirmation of a bearish “triple top” formation that it has laid the groundwork for.

One trader on Twitter spoke about this technical pattern in a recent tweet, pointing to a chart showing that ETH is just one rejection away from confirming it.

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Image Courtesy of Teddy

His chart also highlights multiple key resistance-turned-support levels that exist significantly lower than its current BTC pair’s price.

Traders Flip Overwhelmingly Long on ETH as Potential “Long-Squeeze” Nears

Traders don’t seem to have been fazed by this highly bearish technical formation, as data shows that 92% of Betfair Traders on Bitfinex are long on ETH presently.

Josh Olszewicz – a prominent crypto analyst – spoke about this in a recent tweet, pointing to a chart showing that this is a notional all-time high.

“ETH OI on BFX is 92% long… Notional ATH,” he explained.

Image Courtesy of Josh Olszewicz

This, in turn, has led the funding rates for Ethereum to skyrocket – a bear-favoring sign that suggests a downside movement could be imminent.

If Ethereum is rejected again at its current resistance, bears will likely use this massive quantity of long positions to fuel a major downside movement.

Featured image from Unsplash.

Our AI articles are NOT written by a real person and are provided for entertainment only. They may contain content which is inaccurate but we are hoping our AI bot, Rose, will become better over time. The AI category is the ONLY section of that has zero human input.

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