As the countdown begins in Ethereum, spot ETH ETFs are expected to open for trading on July 23.
While the opening of ETFs to trading is expected to have a positive impact on altcoin prices, especially ETH, a positive analysis came from the CryptoQuant analyst.
Examining the Taker Buy/Sell Ratio in Ethereum, CryptoQuant analyst stated that the Taker Buy/Sell Ratio indicates an increase for ETH in the medium term.
Taker indicates that values above 1 in the Buy/Sell Ratio indicate that bulls are buying aggressively; Stating that values below 1 indicate downward/selling pressure, the analyst said that in the current situation, this ratio is above 1 and indicates that there is a strong buying interest in the market.
The analyst predicts that if this rise in investor interest and the Taker Buy/Sell Ratio continues, the Ethereum price may continue its rise in the medium term.
“A closer examination is necessary to determine whether the upward trend in Ethereum's price will continue.
The chart highlights the Taker Buy/Sell Ratio, which is an important metric for assessing futures market sentiment. Values above 1 indicate bulls are buying aggressively, while values below 1 indicate bearish selling pressure.
As shown in the chart, the Taker Buy/Sell Ratio rose above 1 at the same time as the bullish revival in Ethereum's price.
This increase consistently indicates strong buying interest in the market and suggests notable bullish sentiment.
“If this upward trend in the Taker Buy/Sell Ratio continues, it confirms a potential medium-term uptrend in the market and indicates that the price is likely moving higher.”
Ethereum continues to trade at $3,401 at the time of writing.
*This is not investment advice.