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