The taker buy-sell rate of ETH has risen to 1.10%, reaching the highest level of the year. This reflects a strong upward trend in the futures market. The RSI value of the altcoin has also risen to 58.40 and continues to increase. This indicates a rising momentum while remaining below the overbought zone.
ETH continues to trade above the 20-day exponential moving average (EMA) of $1,770. This indicates short-term strength and signals a potential rise towards the $2,027 level. Despite the general market decline in the last 24 hours, the leading altcoin has gained approximately 1%. At the time of writing, its price is trading at $1,842.
This situation is reinforced by the buyer-seller ratio reaching the highest level in the last 30 days and indicates renewed buying pressure in the futures market.
Traders Monitor ETH Rise with Buying Pressure and Development
According to CryptoQuant data, ETH's buyer-seller ratio is currently at 1.08, reaching its highest level since the beginning of April. This metric measures the volume ratio between buyers and sellers in the ETH futures market. A value above 1 indicates that more traders are aggressively buying ETH contracts, while values below 1 indicate dominant selling pressure.
ETH's buyer-seller ratio is currently at 1.08, reflecting that buyers are dominant in the market and traders show increasing confidence that prices will continue to rise.
Additionally, ETH's Relative Strength Index (RSI) is also showing an upward movement, supporting a strong bullish trend for the altcoin. The RSI is currently at 58.39 and continues to rise. The RSI measures the overbought and oversold conditions of an asset. Values above 70 indicate overbought conditions, while levels below 30 indicate that the asset is oversold and a potential recovery may occur. The current RSI level of ETH signals that the bullish trend is continuing and the price may move further upward.
ETH Strengthens at Short-Term Support Levels
ETH is currently trading above its 20-day exponential moving average (EMA), providing dynamic support at the $1,770 level. The 20-day EMA measures the average price over the last 20 trading days and gives more weight to recent prices. When an asset is trading above this important moving average, it shows short-term bullish momentum. This indicates that recent prices are trending higher than the average of the last 20 days and is generally regarded by traders as an early sign of a bullish trend.
Therefore, if buying pressure for ETH continues, it may sustain its rise towards the $2,027 level. However, if buying activity decreases, ETH could lose its recent gains and decline below the 20-day EMA towards the $1,385 level.
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