With anticipation growing for Ethereum's long-awaited ETH 2.0 revamp, Ether long positions have gone parabolic on Bitfinex since February.

But with short positions too growing, and co-founder Vitalik Buterin withdrawing last week's confident prediction of a July launch, the bullishness has likewise increased the hazard of a trigger-happy sell-off.

Ether long positions go parabolic

Long positions have been breaking new record highs ever since charting to a higher place 600,000 in Feb, rising by some other 150% over the past 2 months despite the celebrated Bitcoin (BTC) sell-off in on March 12 - 13.

ETH/USD Longs on Bitfinex: TradingView

However, the number of shorts positions has as well trended upwards significantly since March, upward nearly 200% from Feb's record lows. This suggests that some traders are banking on the price of Ether to fall.

ETH/USD Shorts on Bitfinex: TradingView

ETH 2.0 launch date is unclear

There has been confusion in recent days over the launch date for ETH ii.0, which could be a factor sparking an ambitious correction should price activeness begin to pause downwards.

On May 12, Buterin was asked if ETH two.0's phase 0 would embark in July:

I think and so, Ethereum 2.0 already has two testnets, Topaz and Schlesi, launched a calendar week ago [...] That'southward the first phase of ETH 2.0 that volition bring the Proof-of-Stake [implementation] It'southward moving frontward on all fronts.

Nevertheless, core programmer Afr dampened downward expectations on Twitter afterward the same day, stating:

Going on stages or panels and putting out dates is not helpful at all. I don't think Vitalik said July. But I didn't see the talk.

Buterin responded: "Yeah I did not say July. Perchance the question contained the word July but I did not hear July when it was asked."

After reviewing footage from the event, he added: "OK I definitely should have heard July in the question, it was my mistake."

Greenspan is bullish on Ether

Mati Greenspan, the founder of Quantum Economic science, said the confusion over the launch date was not a major concern.

"Just judging on the cost activeness, information technology would seem that Vitalik'south statements accept non had that much of an touch on," Greenspan told Cointelegraph. "All startups have a tendency to push dates dorsum and take delays, peculiarly when they're rolling out major upgrades."

Mati notes that Ether is the third-largest position in his crypto portfolio, adding: "Everything that is happening in DeFi is extremely exciting [...] I'one thousand bullish."

ETH/BTC longs could continue to rise

The number of ETH/BTC longs has consistently risen for roughly 12 months, except for a quick run and retracement during January.

ETH/BTC Longs on Bitfinex: TradingView

While the marketplace activeness suggests the market is anticipating ETH 2.0's launch will drive gains relative to Bitcoin, it remains to be seen whether Bitcoin's freshly reduced block rewards will have a surly impact on ETH/BTC prices as was the example following 2022's halving.