RATE Group | Ethereum (ETH) Bears Lose Impetus As Bulls Step In To Push For Reversal
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Ethereum (ETH) Bears Lose Impetus As Bulls Step In To Push For Reversal

10 Dec Ethereum (ETH) Bears Lose Impetus As Bulls Step In To Push For Reversal

Posted at 01:50h in Ethereum News by

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Ethereum (ETH) bears are losing momentum as the bulls step in to push for a reversal. This week, the number of shorts reached an all time high. The last time this happened, we saw ETHUSDShorts enter a downtrend. Similarly, when it reached an all time low around August last year, we saw it enter an uptrend and the price of Ethereum (ETH) started to fall soon afterwards from its all time high. Markets stage reversals at points when one of the two sides gets too comfortable. The yearlong bear market has made the bears quite confident. In fact, over the past few weeks, we have seen unprecedented risk taking on the sell side which is a testament to the fact that the bears have become too confident and complacent.

The chart for ETHUSDShorts also shows that the RSI has run into a historical resistance and has already taken a turn for the downside. It would not be surprising to see the number of shorts drop drastically from current levels. That being said, it is too early to say that this…

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