The 30-day moving average of the Ethereum Buyer-Seller ratio, a critical metric for measuring sentiment in futures, has risen to new highs. This metric shows whether buyers or sellers are collectively placing more aggressive orders. Thus, it helps investors distinguish this. The metric in question shows that bulls are currently leading the way for the leading altcoin.
This metric gives strong bullish signals for the leading altcoin!
The graph showing CryptoQuant’s buyer bid-ask ratio tells a story in itself. It marks a significant increase that pushes the ratio above 1, indicating that the bullish trend prevails in the Ethereum futures market. This sudden rise in the rate is associated with Ethereum’s recent impressive price increase, which has seen it approach the $1,700 resistance level.
The increase in the buyer bid-ask ratio is a hopeful sign for Ethereum enthusiasts. It shows that aggressive buying is driving the market and traders are eager to take action. However, this increase brings with it some important questions for the altcoin. Given the significant increase in this metric, it is speculated that the market may require a temporary pause in the trend. Market observers and traders need to be prepared for the possibility of a short-term correction phase. This is a natural part of the ebb and flow of the market. Moreover, it often occurs after such a strong fluctuation. Corrections keep the market balanced and prevent potential overheating. It should be noted that these corrections are generally healthy for the long-term stability and growth of the market.
ETH escapes strong negative trend: Has it entered a bull run?
Crypto analyst Steven Walgenbach looks at ETH’s technical outlook. cryptokoin.comAs you follow from , the leading altcoin increased by 2.66% in the last 24 hours. At press time, it was changing hands for $1,686.15. Most importantly, technical indicators on ETH’s chart showed that ETH may be in the process of a significant bull trend reversal.
ETH broke above a long-term trend line on its weekly chart last week. It is possible to see this as an extremely bullish technical development. Additionally, the altcoin price continued to trade above this trend line at press time. This shows that ETH has finally broken out of the downward cycle it has been stuck in for the last few months. A possible confirmation that ETH is breaking out of the strong bearish cycle would be a weekly candle close above the $1,755 resistance level. If the cryptocurrency can close a weekly candle above this price point in the next 2 weeks, it will have a clear path to rise to $2,130 in the next few weeks.
On the other hand, if ETH closes this week’s weekly candle below $1,645, the bullish thesis will be temporary. In this bearish scenario, ETH is likely to retest the $1,555 support level. After this, continued selling pressure could push ETH down to $1,460 in the next 2 months.
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