• ETH’s taker buy-sell ratio (30-day SMA) recently plunged to its lowest level this year.
• While ETH’s open interest cratered, long positions dominated the futures market.

Ethereum’s [ETH] taker buy-sell ratio assessed on a 30-day simple moving average (SMA) fell to its lowest level this year on 28 August, data from CryptoQuant showed. This indicated that the altcoin’s futures market has become rife with more sell orders than buy orders.

Read Ethereum’s [ETH] Price Prediction 2023-24

The taker buy-sell ratio is a metric that measures the ratio between the buy volume and sell volume in an asset’s futures market. A value greater than 1 indicates more buy volume than sell volume, while a value less than 1 indicates more sell volume than buy volume.

According to a recently published report by CryptoQuant analyst who goes by the pseudonym ‘Greatest_Trader,’ ETH’s taker buy-sell ratio has spent the past few months in a “downward trajectory” to reach a yearly low at the end of last month. 

The analyst said,

“This consistent behavior underscores the dominant bearish sentiment among futures traders participating in Ethereum’s market.”

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Author: Abiodun Oladokun

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