Data from Alpha AI shows that there is an increase in long positions while the Coinbase Premium Index is demonstrating a decline. The increase in leveraged longs indicates that traders are wagering that recent weakness will give way to upward momentum and are setting up for a rebound.
A Move Back To Lower Bollinger Bands As a result, Cantonese Cat noted that bulls may want more sideways to turn the 20-day SMA flatter, which would present a better chance to flip it as support. Meanwhile, the bears would be looking for more follow-through of the current price action and for a lower low occurring soon, but it has not yet happened.
At the time of writing, the ETH price was trading at $1,826 after dropping by over 3% in the last 24 hours. Despite the waning price action, its trading volume has turned bullish again, rising by more than 29% within the same period.
