CryptoQuant Data Indicates Short-Term Bearish Outlook for ETH

CryptoQuant Data Indicates Short-Term Bearish Outlook for ETH

CryptoQuant, a leading provider of on-chain analytics, has released data that indicates a short-term bearish outlook for Ethereum (ETH). According to CryptoQuant contributor Shayan, the ETH Taker Bought/Sold Ratio has stayed below 1 and has been declining sharply over the past few days. This suggests that most futures traders have been actively selling ETH. If this trend continues, it could potentially lead to further ETH price weakness. The ETH Taker Bought/Sold Ratio is a measure of the ratio of taker buy orders to taker sell orders on futures exchanges. A ratio above 1 indicates that more traders are buying ETH than selling it, while a ratio below 1 indicates that more traders are selling ETH than buying it. The current value of the ratio is 0.87, which suggests that there is significant selling pressure in the ETH futures market. This data is in line with other recent indicators that have pointed to a potential short-term correction in the ETH market. For example, the ETH Fear and Greed Index has recently fallen into the "fear" zone, and the ETH Market Value to Realized Value (MVRV) ratio has also declined. Overall, the CryptoQuant data suggests that ETH traders are currently bearish on the short-term outlook for the cryptocurrency. If this trend continues, it could lead to further ETH price weakness in the coming days and weeks.