Ethereum Taker-Buy-Sell Ratio Soars Despite ETH’s Sideways Movement 📈

Ethereum has been trading within a tight range since early February, with resistance at $2,799 and support at $2,585. Despite this stagnant movement, futures traders continue to open buy contracts, reflecting confidence in ETH's potential.

Key indicators like the Taker-Buy-Sell Ratio have soared to 1.09, the highest since January, suggesting increased buy volumes. The ratio gauges the balance between buy and sell futures contract volumes. A positive value indicates more buying activity, highlighting traders' bullish sentiment amid stable prices.

Additionally, ETH's funding rate remains positive, indicating long position holders are paying premiums for potential gains, reinforcing market optimism. A potential price surge above $2,799 to $2,967 and even $3,202 is anticipated, but a dip below $2,585 could lead to downside risks.