While the FED's interest rate decision was awaited in Bitcoin and altcoins, BTC rose above $ 27,000.
While altcoins were also mobilized along with BTC, the largest altcoin Ethereum rose to $ 1,670.
While investors were wondering whether this rise would continue, CryptoQuant analyst came up with an analysis that would please investors.
Accordingly, CryptoQuant analyst said in his latest analysis that Ethereum bulls may be gaining control of the market according to the 'Bid-Ask Ratio' metric.
CryptoQuant's 'Bid Ask Ratio' metric serves as a gauge to evaluate whether buyers or sellers are executing their orders more aggressively.
Positive values in the metric generally indicate an upward trend, while negative values are considered bearish indicators.
At this point, the analyst stated that the combination of the 'Buying Ask Ratio' metric and the 30-day simple moving average of ETH has become an important tool to follow in the ETH price, and that this metric suddenly increased by approaching the neutral-0 line.
Because this metric has been constantly in the negative zone for the last few months.
“Positive values in the 'Taker Ask Ratio' metric on Ethereum are generally associated with a bullish trend, while negative values are seen as indicators of a bearish trend.
Ethereum price entered a downtrend in recent weeks and faced multiple rejections near the $2,000 resistance level.
At this point, this metric has been consistently in negative territory for the last few months.
However, this metric experienced a significant change, suddenly rising and bringing its value closer to the neutral 0 line.
“This increase indicates a potential change in sentiment among market participants, which is a bullish signal.”
CryptoQuant analyst recently said that if this metric continues its upward trend and enters the positive zone, it may herald the beginning of a new upward phase in ETH.
“In such a scenario, Ethereum's price could experience an uptrend and potentially target higher resistance levels.”
*This is not investment advice.