The post Key Metric Predicts More Trouble for Wobbling Ethereum (ETH), Newcomer Altcoin Braces for 1,700% Bull Move in 2024 appeared on BitcoinEthereumNews.com.

Ethereum (ETH) has recently faced significant volatility. Amidst a broader market crash in early August, ETH experienced a sharp decline of about 30%, plummeting to $2,220. Despite showing resilience in the weeks that followed, climbing back into the $2,600 price region, the altcoin’s future remains uncertain.  Recent analysis suggests that Ethereum might face further price troubles, while a promising newcomer, MoonTaurus (MNTR), is preparing for a remarkable 1,700% bull move in 2024. Ethereum’s Recent Performance and Challenges Ethereum, the second-largest cryptocurrency by market capitalization, has been an investor favorite since its launch in 2015. However, the recent financial downturn has cast a shadow over  its performance. Following a 30% drop earlier this month, ETH managed to recover somewhat but faces several hurdles.  CryptoQuant analyst ShayanBTC has highlighted concerns regarding Ethereum’s future performance. In a recent QuickTake post, ShayanBTC analyzed the Taker Buy/Sell Ratio, a key metric that gauges the balance between aggressive buying and selling activity. This ratio is determined by comparing the volume of taker buy orders to taker sell orders. When the Taker Buy/Sell Ratio exceeds one, it indicates a bullish market with more aggressive buying than selling. Conversely, a ratio below one signals bearish conditions with more selling pressure. Recently, Ethereum’s Taker Buy/Sell Ratio has been notably below one, suggesting that selling pressure is dominating. ShayanBTC pointed out that Ethereum’s recent struggle to break through the $3,000 resistance level led to a significant drop in the Taker Buy/Sell Ratio. Despite some recovery, the ratio remained in the negative zone, indicating a persistent lack of buying pressure and continued market control by sellers. This metric’s decline implies that Ethereum could face further price declines if the selling pressure continues. Trading around $2,659, the asset faces immediate resistance around the $2,700 mark. ETH would need to break this barrier…

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Filed under: News - @ August 22, 2024 1:20 pm