The price of Ethereum has been hovering around $2,000 for nearly a month, with the technical structure showing no clear path to recovery. According to the latest on-chain data, the “King of Altcoin” is witnessing a rare signal that could mean that it is at the beginning of a positive trend.
ETH Net Taker Volume Suggests Potential Bullish Price TrendThe Net Taker Volume metric is an on-chain indicator that tracks the difference between the buying and selling volume of market orders in the derivatives market of a particular cryptocurrency (Ethereum, in this case). The metric is used to evaluate whether buying or selling pressure is the prevalent force in the market at a given time.
According to CryptoQuant data highlighted by Darkfost, volume from buyers appears to be prevailing in the Ethereum derivatives market, with a positive difference of over $104 million. This shift of the metric into the positive territory is happening for the first time in the past three years.
The crypto analyst noted that the price of Ethereum was under intense selling pressure even as it climbed to new all-time highs. However, the market regime seems to be changing for the second-largest cryptocurrency by market capitalization.
Ethereum ETFs Record Negative Outflow For Third Consecutive WeekNotably, the crypto-linked investment products saw a total net outflow of more than $71.12 million on Thursday, April 3, reflecting the waning investor demand and appetite. As earlier inferred, the direction of the ETH ETFs’ capital flow needs to change if the price is to enjoy a sustained recovery.
As of this writing, the price of ETH stands at around $2,058, reflecting a 0.6% leap in the past 24 hours.
