Top Binance traders flip long on Ethereum as market structure grows strong

Ethereum has shaken off the intense weakness it expressed throughout the day yesterday, with the cryptocurrency's bulls now flexing immense signs of strength as its price pushes up towards the key resistance at $380. Where the cryptocurrency trends in the near-term may depend largely on how it continues reacting to this crucial level.

Data now indicates that top traders on Binance are beginning to widely flip long on ETH, indicating that they are anticipating it to see further upside.

Ethereum rockets towards $380 as top Binance traders flip long.

At the time of writing, Ethereum is trading up just over three percent at its current price of $378, which marks a notable climb from recent lows of $353 that were set during yesterday's sharp decline.

The strong support at $350 was tapped twice before the crypto was able to rebound, ultimately rallying to highs of $385 before facing a rejection that sent its price down towards where it is currently trading at.

Analytics platform Coinalyze explained in a tweet from earlier today that top traders on Binance flipped long as soon as the crypto began surging higher this morning.

"Ethereum top traders on Binance, trend is long."

Analyst: ETH's market structure grows stronger following latest upswing.

While speaking about the impacts that this latest upswing had on Ethereum's market structure, one analyst explained that it now appears to be poised to see even further upside.

"ETH / USD: Looking good on both LTF & HTF right now, see no reason why we cannot see price action head towards $400 as the next target and see if we can possibly flip it to support. Also $360 seems to be the key support level to hold now."