A lot of people are interested in Ethereum’s recent price rise, which some experts think could be the start of a stronger upward trend for the altcoin.
An expert from CryptoQuant shared their thoughts on the blockchain and said that the “taker buy/sell ratio” is a key indicator of how volatile Ethereum’s price is. This ratio keeps track of how many people are buying and selling bitcoin. If it’s higher than 1, it means that buyers are more active than sellers, which is a bullish sign.
Ethereum Market Sentiment Shifts
If the ratio is less than 1, on the other hand, it means that sellers are in charge and usually means that the direction is going down. There is too much Ethereum on the market because the 30-day simple moving average (SMA) of the taker buy/sell ratio has always been less than 1.
This means that over the last few months, there have been more sells than buyers. Things have changed in this direction, though. When Ethereum found support near $2,100, the ratio began to rise. It reached its highest point since mid-June, which shows that negative pressure has decreased.
The CryptoQuant researcher thinks that if this trend continues, it could mean that Ethereum bulls are in charge and may even start a price surge.
Ethereum is worth $2,677 right now, which is 0.8% less than it was yesterday but over 3% more than it was last week. A lot of people who own ETH have also made money from the present rise. According to data from IntoTheBlock, more than 80% of the total supply is now profitable. The number of successful ETH addresses has also gone up from 59% to 69%.
Taking profits and buying have both gone up, which shows that investors have faith in ETH market prospects again.
