Ethereum traders increasingly bullish as taker buy-sell ratio hits new high

The taker buy-sell ratio is a metric that measures the ratio between the buy volume and sell volume in an asset’s Futures market. A value greater than 1 indicates more buy volume than sell volume, while a value less than 1 indicates more sell volume than buy volume.A steady decline in this metric suggests that the Futures market for the asset concerned has become plagued by more sell orders than buy orders.

Due to the significant resistance faced by ETH around the $2000-price level, its taker buy-sell ratio has trended south since 29 May. In fact, by 28 August, it had fallen to its lowest level this year.that the surge in ETH’s taker buy-sell ratio since 10 September represents a re-emergence of positive sentiment. This might help drive up the altcoin’s value.

“This surge suggests a potential change in sentiment among market participants, indicating a shift towards a more bullish stance. 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. In such a scenario, Ethereum’s price might experience an upsurge, potentially targeting higher resistance levels.

Finally, with a reading of 18% at press time, the count of ETH holders who would log profit on their investments if they sold the coins has plummeted since the end of July.

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