Ethereum Taker Buy Sell Ratio Nears 1, Bull Trend Set To Resume

Ethereum price analysis for the past day shows a 2.75% increase in price as the crypto market experiences a general price rebound. Data from Ethereum investors’ activity shows a corresponding rise in bullish sentiments with anticipation of a sustained uptrend in the short term.

Ethereum Taker Buy Sell Ratio Nears 1, Bull Trend Set To Resume

In a recent Quicktake post on CryptoQuant, market analyst ShayanBTC highlighted the potential for further price growth in the Ethereum market. This analysis is based on the Taker Buy Sell Ratio – an important trading metric in the futures market used to measure the balance between aggressive buying and selling.

The Taker Buy Sell Ratio is used to gauge market sentiment by showing whether buyers or sellers are more aggressive in market orders. A Ratio above 1 indicates that buyers are dominant, while a ratio below 1 signals greater selling pressure.

Following Ethereum's rebound from above $3,000, the ratio has recorded a significant increase in market buy orders. This development suggests that Ethereum traders are becoming increasingly expectant of a price gain in the short term.

If the Ethereum bulls are able to sustain the current uptrend, the altcoin is expected to return to $4,000 at which lies its next significant resistance level.

However, Shayan BTC notes that for a bullish trend to be confirmed, the Taker Buy Sell Ratio must rise above 1, indicating that buyers are taking control of the market.

Altcoins Tipped To Reach $2 Trillion Valuation In Altseason

In other news, crypto analyst Michaël van de Poppe has stated that the altcoin market has recently undergone a correction and reached a crucial support level. These digital coins are now in an upward bull trend as the altseason prepares to go into full effect. With the heightened expectations surrounding the current bull cycle, van de Poppe predicts the altcoin market cap could reach $2 trillion in valuation during the altseason.

As the largest altcoin by market cap, Ethereum will likely play a large role in igniting and directing the bullish momentum around the altcoin market in this period. With Ethereum holding a 29.7% dominance in the altcoin market, the token’s market cap could reach around $594 billion during the altseason if van de Poppe’s prediction holds true.

For context, the altseason is a period where altcoins (i.e. other cryptocurrencies aside from Bitcoin) experience significant price gains and out