Analyst Predicts Bullish Run for Ethereum as Market Indicates Potential Rally

Insight into Ethereum Price Action

Understanding the Taker Buy/Sell Ratio

An analyst recently shared a CryptoQuant Quicktake post, shedding light on an important on-chain indicator for Ethereum known as the “taker buy/sell ratio.” This ratio compares taker buy and sell volumes, with a value above 1 signaling bullish sentiment as buyers are willing to pay higher prices.

Conversely, a ratio below 1 indicates bearish sentiment, with more sellers willing to offload their assets at lower prices. Over the past months, Ethereum’s taker buy/sell ratio has been below the 1 threshold, suggesting overwhelming selling pressure.

Ethereum Market Trends

Resurgence in Buy/Sell Ratio

The 30-day simple moving average of Ethereum’s taker buy/sell ratio has been climbing since finding support above $2,100. Recently hitting a new high since mid-June, this suggests a potential shift in market sentiment, with bullish activity gaining momentum.

If this upward trend continues, analysts believe it could pave the way for a significant price rally for Ethereum, as buyers take control of the market.

Current ETH Price and Investor Profit

Price Fluctuations and Profitability

At present, Ether is trading at $2,677, with a slight dip in the past 24 hours but a notable 3% increase over the week. The recent rally has seen more ETH investors entering profit territory, with a rising percentage of addresses now in profit, indicating a positive trend in the market.