• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Ethereum

Ethereum Whales Are Building a Massive Buy Wall; Will it Stop a Selloff?

Cole Petersen by Cole Petersen
3 years ago
in Ethereum
Reading Time: 2 mins read
Advertisement

Ethereum and the aggregated cryptocurrency market saw a sharp overnight decline that came about after Bitcoin lost the support that had been established at $7,000. This plunge has caused ETH to underperform BTC and many other altcoins, with its bulls currently attempting to establish support.

Presently, Ethereum is pushing up against a massive buy wall on trading platform Bitfinex, with the magnitude of bids around the crypto’s current region possibly being enough to support it from seeing further losses.

This potentially bullish sign is further bolstered by the sheer number of traders who are currently long on ETH, with the overnight decline leading a significant number of long orders get filled.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

Ethereum’s Decline Slowed by a Bitfinex Whale; Will It See a Sharp Rebound?

Earlier this week Ethereum – like most other cryptocurrencies – saw some bullish price action that allowed its price to rally from lows of $140 to highs of $175.

This movement marked an extension of the momentum that was first incurred on March 12th when ETH rallied after moving into the sub-$100 territory.

In the near-term, the reaction to the support Ethereum has established around $160 will offer insight into its current strength, with a sharp break below this level potentially being a grave sign.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

This may not happen, however, as one – or multiple – massive investors on Bitfinex have established an immense wall of buy orders within the upper-$150 and lower-$160 regions.

Su Zhu, the CEO and founder of Three Arrows Capital, spoke about this buy wall in a recent tweet, explaining that the buyers have absorbed over 200,000 Ethereum and still have another 50,000 bids remaining on the orderbook.

“Large ETH buy wall on bfx here, 200k ether filled and another 50k remaining in the order book,” he noted.

Ethereum
Image Courtesy of Su Zhu

Traders Flip Overwhelmingly Long Despite ETH Weakness

Although Ethereum has shown some signs of weakness throughout the past several hours, traders are optimistic that it will soon see some further upside.

One popular crypto trader on Twitter noted in a tweet that 1.8% of the total circulating Ethereum supply is margin long on Bitfinex – a number that grew significantly throughout the course of the recent price decline.

“1.975 million ETH (1.8% of total circulating supply) is now marginlong on Bitfinex. Just Bitfinex. +250k just got filled over the last 4 hours.”

Ethereum
Image Courtesy of Lowstrife

The immense buying pressure catalyzed by this massive decline certainly seems to point to some underlying strength amongst Ethereum buyers.

This bullishness is further enhanced by the number of traders entering long positions, with this suggesting that large investors and retail traders both believe upside is imminent.

Featured image from Shutterstock.
Tags: ethbtcethereumethusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

ethereum

Ethereum Hovers Above $1,600, What’s The Next Move?

2 days ago
Grayscale Bitcoin Trust

Here’s What Might Have Triggered Ethereum’s Decline Below $1,600

4 days ago
Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

4 days ago
Ethereum Smart Contracts

Number of New Ethereum Smart Contracts Falls 60% in 2023

4 days ago
Ethereum

Ethereum Closes Near Its Next Profit Take Region As Bullish Momentum Continues

5 days ago
Vitalik Buterin Blockchain Ethereum Privacy

Vitalik Buterin Proposes A Privacy Fix for Ethereum

5 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

BudBlockz’s 220% Growth Puts It Ahead of Dogelon Mars and Floki Inu

January 28, 2023

MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

January 28, 2023

Connecting the dots on $PAW. Is Ryoshi back?

January 28, 2023

Cardano’s (ADA) first native stablecoin will launch next week, Binance (BNB) Moved $346M for the Defunct Exchange Bitzlato, Snowfall Protocol (SNW) brings in massive 500% profits to investors

January 28, 2023

Cardano (ADA) Leads Crypto Dip as Market Sheds $27B Overnight, DMM Bitcoin starts handling Polygon (MATIC), Less than 7 days remain to Snowfall Protocol’s (SNW) launch

January 28, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.