- Ethereum’s Taker-Buy-Sell Ratio tries to cross the center line during an uptrend.
- Nevertheless, the bearish mood continues to increase.
Ethereum’s [ETH] Data from reveals that the Taker Buy-Sell Ratio will soon cross over its middle line. This indicates a positive sentiment amid recent turmoil in the market. CryptoQuant It has been shown.
The Taker Sell Ratio measures the difference between buy and sell volumes in the futures markets of an asset.
A value higher than 1 means that there is more volume to buy than volume to sell, whereas a value lower than 1 shows more volume for sell than volume to buy.
CryptoQuant data shows that at press time the Taker buy sell ratio for ETH was 0.96.
Bears still in charge
Despite the rise in ETH’s Taker-Buy-Sell Ratio (TBSR), an analysis of the spot and futures market for the coin revealed significant bearish sentiments.
The open interest in ETH Futures has dropped to its lowest levels since 28th February. Coinglass data. Since then, it’s declined. It reached a peak of $15 billion in April 2009 and since has fallen.
In the last week, ETH Open Interest fell by 27% to $11 Billion.
The open interest of an asset is the amount that has yet to be paid for its Futures Contracts.
If it is declining in this manner, then it means that the participants on the market have closed their positions. They are not opening up new ones.
ETH funding rates turned briefly negative during the week ending 14th April when a large number of participants in the market opened up trades that were against the price.
It was the first negative funding rate for ETH since October 2023, when the bull market began.
On a daily chart, the key technical indicators on spot markets hinted that a drop below $3000 was possible if bearish sentiments persist.
At the time of press, ETH’s Awesome oscillator, which measures momentum in the market, displayed red bars with downward facing histograms. The trend is present since the 13th of April.
Red bars facing downwards on the Awesome Oscillator of an asset can be interpreted by many as a negative sign. This indicates a rising selling pressure.
Similarly, the readings of ETH’s Parabolic Stop and Reverse indicator (SAR), showed dots above the price.
Click Here to Read Ethereum’s [ETH] Price Prediction 2024-25
Parabolic SAR is used for identifying potential trends and trend reversals.
If the market’s trend lines have dotted lines above the asset’s value, then it is considered to be bearish.
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Source: ambcrypto.com