PiCK
Ethereum, bottom-buying demand 'stirring'… buy/sell ratio highest in 6 months
Summary
- It reported that in the Ethereum market, buying pressure is ahead of selling pressure, and investor sentiment is recovering.
- It stated that over the past two weeks, the Binance-based Ethereum taker buy/sell ratio reached 1.005, the highest since July last year.
- It added that historically, taker buy-side dominance has acted as a bullish signal, but additional indicator confirmation is needed.
In the Ethereum (ETH) market, buying pressure is overwhelming selling pressure and investor sentiment is showing signs of recovery. Analysts say aggressive buying is flowing in at relatively low price levels.
On the 1st (local time), according to data from CryptoOnChain, Binance-based Ethereum's taker (Taker·market) buy/sell ratio over the past two weeks rose to 1.005. This is the highest figure since July last year.
The taker buy/sell ratio exceeding 1 means that the volume of buy orders executed at market price has outpaced sell orders. In other words, it indicates that investors are actively buying Ethereum at the current price levels.
CryptoOnChain noted, "It should be noted that this phenomenon occurred when Ethereum's price was relatively low," and explained, "Historically, a sustained dominance of taker buy orders has often acted as a leading signal of bullish volatility." It added, "If the current buying dominance continues, it could become a strong support for a price rebound," while also saying, "additional indicator confirmation is necessary for a definite trend reversal."
On the day, Ethereum was trading in the $3,000 range on the Binance Tether (USDT) market, up 0.7% from the previous day.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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