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- CryptoQuant contributor Arab Chain said <a href="https://xpertsstudio.com/harmony-to-shut-down-its-layer-1-blockchain-and-move-one-token-to-<a href="https://xpertsstudio.com/ethereum-developers-unlock-new-use-for-eip/” title=”Ethereum developers unlock new use for EIP”>ethereum/” title=”Harmony to Shut Down Its Layer-1 Blockchain and Move ONE Token to Ethereum”>Ethereum’s Taker Buy/Sell Ratio rose to about 1.11, signaling buyer dominance and suggesting price momentum could strengthen.
- Arab Chain said upside momentum could strengthen further if the Taker Buy/Sell Ratio stays above 1 over the next few days and is accompanied by rising trading volume and price gains.
- Still, Arab Chain said it is difficult to confirm a clear uptrend because the Taker Buy/Sell Ratio has repeatedly moved above 1.10 and then fallen back below 1.
Forecast Trend Report by Period
Ethereum could build stronger upside momentum if market-buy orders continue to outpace sells, according to an analysis.
On Sept. 7, Arab Chain, a contributor to CryptoQuant, said an analysis of Binance data showed Ethereum’s Taker Buy/Sell Ratio had risen to about 1.11, moving above the benchmark level of 1. Ethereum was trading near $2,400 at the time of the analysis.
The Taker Buy/Sell Ratio measures the relative strength of market buy orders versus market sell orders. A reading above 1 indicates that aggressive buy orders outnumber sell orders. With the ratio now at about 1.11, buying pressure appears to have the upper hand in the short term.
Arab Chain said whether the ratio remains above 1 will be the key factor shaping Ethereum’s near-term direction. If buyer dominance persists over the next few days and is accompanied by rising trading volume and price gains, upside momentum could strengthen further. If the ratio repeatedly falls back below 1, however, selling pressure could increase again and weaken buying momentum.
Still, the contributor said it is too early to confirm a clear uptrend. The Taker Buy/Sell Ratio has recently risen above 1.10 only to fall back below 1, signaling an ongoing tug of war between buyers and sellers. That means whether the ratio can hold steadily above 1 and translate into stronger volume and higher prices will be key to judging Ethereum’s potential for further gains.
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Source: en.bloomingbit.io