The post Analyst Reveals Why Ethereum Is Underperforming Against Bitcoin appeared on BitcoinEthereumNews.com.

Ethereum has been notably underperforming Bitcoin through this latest rally. Here’s why this is so, according to a CryptoQuant analyst. Ethereum Net Taker Volume Has Been Mostly Negative Recently In a new post on X, CryptoQuant Netherlands community manager Maartunn has pointed out what the “net taker volume” for Ethereum is looking like. The net taker volume here is an indicator that keeps track of the difference between the taker buy volume and taker sell volume on the Bitcoin futures market. When the value of this metric is positive, it means that the taker buy volume is dominating the taker sell volume right now. Such a trend implies buying pressure may be strong in the market currently. On the other hand, negative values could suggest the presence of a bearish sentiment among the investors, as selling pressure is higher than the buying pressure. Now, here is a chart that shows the trend in the 30-day moving average (MA) Ethereum net taker volume over the past few years: Looks like the 30-day MA value of the metric has been near the neutral mark in recent days | Source: @JA_Maartun on X As displayed in the above graph, the Ethereum net taker volume has been mostly negative during the past few months, implying that sentiment around the asset has remained bearish. Bitcoin, on the other hand, has enjoyed periods where the taker buy volume has surpassed the taker sell volume, as the chart shared by the analyst a few days back showed. The 30-day MA value of the indicator seems to have been green in the last few weeks | Source: @JA_Maartun on X Most notably, the net taker volume of Bitcoin is significantly positive right now, suggesting the strong buying pressure present in the market. Unsurprisingly, BTC’s sharp rally has come…

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Filed under: News - @ November 2, 2023 9:24 am