⏭️(FOLLOW ME ❤️ 🫶)⏮️
#ETH Ethereum’s price continues to test the $4,000 resistance level after reaching a year-to-date high of $4,093 on December 6. Despite this, traders remain confident in ETH's potential to break through, with multiple market indicators pointing to a bullish outlook.
Bullish Signals Driving Optimism📈
1. Taker Buy-Sell Ratio Hits Monthly High😇⤵️
Ethereum’s Taker Buy-Sell Ratio stands at 1.033, showing a spike in buy orders.
This metric, which compares buy and sell volumes filled by market takers, reflects strong buying pressure, with a ratio above 1 signaling bullish sentiment.
2. Positive Funding Rates Indicate High Demand📈⤵️
The aggregated funding rate for ETH across exchanges is currently at 0.011%, highlighting increased interest in long positions.
A positive funding rate means traders are paying a premium to maintain long positions, often a precursor to upward price movements.
3. On-Balance Volume Reflects Steady Accumulation⤵️
Ethereum’s On-Balance Volume (OBV) is at 26.06 million, confirming significant accumulation.
Rising OBV suggests that buyers are dominating the market, which often precedes price increases.
⏭️Potential Scenarios for Ethereum’s Price⤵️
Bullish Case: If current buying pressure persists, Ethereum could break through the $4,000 barrier and aim for its year-to-date high of $4,093.
Bearish Case: A reversal in market momentum might push ETH down to $3,673, invalidating the bullish narrative.
⏯️Market Confidence Remains High⚖️⤵️
Despite failing to break the $4,000 level, Ethereum’s accumulation trend and strong demand in derivatives markets suggest that a breakout is imminent. If these signals hold, ETH is well-positioned to surpass its recent high and continue its upward trajectory.let me know your thoughts guys Comment, share,follow and like💕#BTC #ETH #Binance #BTC $ETH #DOGE #Binance