Examining the data from the Ethereum futures market can provide insights into whether the sentiment surrounding ETH is leaning towards a bullish or bearish outlook.
Surge in Ethereum Taker Buy Sell Ratio
A recent analysis of Ethereum futures market data highlights the importance of the “Taker Buy Sell Ratio,” which indicates the balance between taker buy and sell volumes on derivative platforms. A value above 1 signifies a bullish sentiment with more buyers than sellers, while a value below 1 indicates a bearish sentiment with more sellers willing to sell at lower prices.
The 14-day simple moving average (SMA) Ethereum Taker Buy Sell Ratio graph illustrates a significant recent increase, suggesting a shift in market sentiment. This surge is accompanied by a rise in ETH’s price, reminiscent of a similar trend before a price rally earlier this year.
An expert noted that the strong buying interest in the perpetual market indicates a bullish sentiment. If the upward trend in the Taker Buy/Sell Ratio continues, it may confirm a potential mid-term bullish trend with prices likely heading higher.
CME Group’s Dominance in Ethereum and Bitcoin Futures Market
Analytics indicate that the CME Group has gained dominance in the calendar futures market for Ethereum and Bitcoin. The Open Interest dominance chart shows that the CME Group now holds 83% and 65% of the Bitcoin and Ethereum calendar Open Interests, respectively.
Current Status of ETH Price
Despite Ethereum’s recent price recovery stalling around the $3,400 mark, ongoing market trends suggest potential bullish momentum. Observing the evolving data trends and market indicators will provide further clarity on the future direction of Ethereum’s price movements.
