Bitcoin and in altcoins FedWhile the interest rate decision is awaited BTC It rose to over $27,000.
BTCWhile altcoins are also mobilizing with largest altcoin Ethereum It went up to $1,670.
While investors wonder whether this rise will continue or not From CryptoQuant analyst An analysis that will make investors happy has arrived.
Accordingly, CryptoQuant analyst in his latest analysis ‘Buying Selling Ratio’ He said that based on the metric, Ethereum bulls may be gaining control of the market.
CryptoQuant’s ‘Bid-Ask Ratio’ metric serves as a gauge to evaluate whether buyers or sellers are executing their orders more aggressively.
Positive values in the metric generally indicate an upward trend, while negative values are considered bearish indicators.
At this point, the ‘Buying Ask Ratio’ metric and ETH’s 30-day simple moving average are combined. ETH Stating that it has become an important tool to follow in price, the analyst stated that this metric suddenly increased by approaching the neutral-0 line.
Because this metric has been constantly in the negative zone for the last few months.
“Positive values in the ‘Taker Ask Ratio’ metric on Ethereum are generally associated with a bullish trend, while negative values are seen as indicators of a bearish trend.
Ethereum price entered a downtrend in recent weeks and faced multiple rejections near the $2,000 resistance level.
At this point, this metric has been consistently in negative territory for the last few months.
However, this metric experienced a significant change, suddenly rising and bringing its value closer to the neutral 0 line.
“This increase indicates a potential change in sentiment among market participants, which is a bullish signal.”
CryptoQuant analyst recently concluded that this metric continues its upward trend and enters the positive zone. ETHHe said that a new rise in may herald the beginning of the phase.
“In such a scenario, Ethereum’s price could experience an uptrend and potentially target higher resistance levels.”
Are the #Ethereum Bull Taking Control of the Market?
“Should this metric continue its upward trajectory and venture into positive territory, it could herald the onset of a new phase characterized by bullish price action.”
by @Greatest_TraderLink👇https://t.co/mVktz5DFHr
— CryptoQuant.com (@cryptoquant_com) September 18, 2023
*This is not investment advice.
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