ETH's trader sentiment favored a bullish narrative in comparison to a bearish one. While this was good news, whale activity displayed signs of probable sell pressure. Which way will ETH sway?
Based on the above analysis, we can see that Uniswap traders were more inclined towards bullish expectations for ETH. In other words, there is a high likelihood that most Uniswap users interested in ETH would buy at its current discounted price level.ETH’s longs vs. shorts ratio reflected the observations made on Uniswap liquidity. According to Coinglass, 32% of ETH traders were bullish while 16% were very bullish in the last 24 hours.
However, it is worth noting that despite the uptick, the prevailing level of leverage was still relatively low compared to levels observed in the first half of August.While the above analysis suggested a potential bullish outlook, exchange flows still stood in favor of short-term sell pressure. Exchange inflows have been on the rise in the last three days. This reflected the heavy outflows that were observed from whale addresses to exchanges recently.
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