Ethereum fans are eagerly waiting for signs that the price will go up again. A key sign has shown up that points to a possible change in mood. The number of buys and sells in ETH’s futures market is shown by CryptoQuant as the Taker Buy Sell Ratio. It is almost above its center line.
It’s likely that a lot of people are buying when the Taker Buy Sell Ratio is higher than 1. This could mean that the price of the coin is about to go up. While this is a positive sign, a more in-depth look at Ethereum’s markets reveals a more complex picture.
Ethereum Futures Open Low, Negative Funding
Futures Open Interest for ETH hit $11 billion, which is the lowest amount seen since the middle of February. This number shows how many open futures contracts there are that haven’t been closed yet. The drop of 27% in the last week shows that traders are leaving the market instead of making new trades.
To make things even more complicated, Ethereum’s funding rates quickly went negative on April 14th. This was the first time negative funding had happened since the bull market rally began in October 2023. This change shows that a lot of traders are betting against ETH’s price, which makes its future even less certain.
There are signs on the spot market that say people need to be careful. The Awesome Oscillator, which measures the speed of the market, has had red histogram bars going down since April 13th. This means that you need to sell more quickly. There are also dots above the price of ETH on the Parabolic Stop and Reverse (SAR) indicator. This means that the direction may be changing.
