$ETH

Ethereum Buy/Sell Ratio Increases Despite ETH’s Sideways Move

Ethereum (ETH) has been trading in a tight range since early February, oscillating between key support and resistance levels.

However, despite this sideways price action, futures traders remain resilient as they continue to open long positions, indicating confidence in ETH’s potential to rise.

Ethereum Futures Market Shows Resilience

Readings from the daily ETH/USD chart reveal that the leading altcoin has been trading within a horizontal channel since the beginning of the month, facing resistance at $2,799 and finding support at $2,585. Despite this, futures traders have maintained their bullish stance and increased their buy orders.

A key indicator of this bullish sentiment is Ethereum’s buy/sell ratio, which has risen to its highest point since early January. According to CryptoQuant, it is at 1.09 at press time.