Top altcoin ETH continues to face overall market downturn pressure over the past 24 hours, slightly decreasing by about 0.5%. At the time of writing, this altcoin is trading at $1,825.
This occurs when an important momentum indicator — the taker buy-sell ratio* — surges to a 30-day high, signaling new bullish pressure in the asset's futures market.
Traders are paying attention to ETH as buying pressure increases.
According to CryptoQuant, the ETH taker buy-sell ratio is currently at 1.08 – the highest value since early April.
ETH taker buy-sell ratio | Source: CryptoQuant
This metric measures the ratio of buying and selling volume in the ETH futures market. A value above 1 indicates that more traders are actively buying ETH contracts than selling, while a value below 1 implies that selling pressure dominates.
At 1.08, the ETH taker buy-sell ratio clearly leans towards buyers, reflecting growing confidence among traders that prices may continue to move north.
Furthermore, the Relative Strength Index (RSI) continues to trend upwards, supporting the bullish narrative. Currently, this index is at 58.39 and rising.
ETH RSI | Source: TradingView
The RSI indicator measures the overbought and oversold conditions of an asset. This indicator ranges from 0 to 100, with values above 70 indicating that the asset is overbought and may decline. Conversely, values below 30 signal that the asset is oversold and may recover.
The RSI of ETH confirms a strong bullish trend for this altcoin, reinforcing the view that it may be preparing for the next rally.
ETH builds strength above the short-term support level.
At the current price level, ETH is above the 20-day exponential moving average (EMA), forming dynamic support below its price at $1,770.
The 20-day EMA measures the average price of an asset over the past 20 trading days, giving more weight to recent prices. When an asset trades above this important EMA, it signals short-term bullish momentum. This indicates that recent prices tend to be higher than the average over the past 20 days. Traders often view this as a sign of potential strength or an early uptrend.
Therefore, ETH could maintain its upward momentum to $2,027 if buying pressure increases.
ETH price analysis | Source: TradingView
On the other hand, if buying activity weakens, this coin may lose its recent gains, dropping below the 20-day EMA and down to $1,385.
*Taker is the party that executes an immediate trade at the current available market price, while 'Maker' is the party that places a buy or sell order at a more specific price. Therefore, in a Bitcoin trade, the immediate trader (Taker) is the one buying or selling at the price already provided in the market.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
