PiCK
[Analysis] "Ethereum, Husaka upgrade effect 'noticeable'… futures market buy ratio surges"
Summary
- It reported that after Ethereum's Husaka upgrade, the futures market buy ratio surged to 0.998.
- It stated that traders judged the upgrade as a clear bullish factor and began accumulating long positions.
- It said that if the ratio breaks above 1.0, Ethereum could rise to the $3,500-$4,000 range.
The effects of Ethereum (ETH)'s major network upgrade, Husaka, are becoming apparent. The share of Ethereum buys has surged.
On the 5th (Korean time), CryptoQuant contributor Crypto Onchain said in a report, "According to Binance, the buy·sell ratio of Ethereum futures market orders rose to 0.998 immediately after the Husaka upgrade, marking the highest level since early August," and analyzed, "This is a sign that aggressive buying has resumed in the futures market."
The contributor explained, "The rebound in the indicator from a low of 0.945 indicates that traders judged the Husaka upgrade as a clear bullish factor and began accumulating long positions," adding, "Although the price of Ethereum still remains around $3,130, the rebound in the ratio has appeared faster than the price, acting as a leading indicator."
He added, "If the ratio breaks above 1.0, the November correction will be over and it could rise into the $3,500-$4,000 range."
Uk Jin
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