đ„Ethereum to $4K now? THIS shows that sellers are backing off
đ Ethereum's Taker Buy Sell Ratio Rising
Ethereum's Taker Buy Sell Ratio, observed via a 7-day SMA, is on the verge of crossing above its 1-center line, indicating a decrease in sell orders in the coinâs perpetual Futures market, as per CryptoQuantâs data. This suggests a shift towards more buy volume.
đ Understanding the Ratio
The Taker Buy Sell Ratio measures the ratio between buy and sell volumes in Ethereum's Futures market. Values above 1 signify more buy volume, while values below 1 indicate more sell volume. Currently, ETHâs ratio stands at 0.99, having climbed 3% since the beginning of the month.
đ Positive Momentum
Prior to this, the metric had been in decline. However, with the recent rally, the ratio changed its course and has since climbed alongside ETHâs price, according to a report by pseudonymous CryptoQuant analyst ShayanBTC.
đ Futures Market Insights
A closer look at ETHâs Futures market reveals a potential for a continued price rally. Coinglassâ data shows that the coinâs Futures Open Interest has surged to a new all-time high of $16 billion. This suggests that more market participants are opening new positions.
đ° Bullish Signals
Moreover, the coinâs Funding Rate remains positive, indicating strong demand for long positions in perpetual futures contracts. This bullish signal suggests that Ethereumâs price will likely continue to grow.
