The post Here’s what Ethereum’s 70% orderbook imbalance means for traders appeared on BitcoinEthereumNews.com.

At the time of writing, ETH’s orderbook imbalance was at 70% Ethereum may be set to hit new highs on the charts Ethereum’s [ETH] price action has been a hot topic following its failure to hit a new all-time high (ATH) in 2024. This, despite the fact that Bitcoin hit its own ATH in March. As expected, this has led to concerns that ETH may be losing momentum. Even so, recent developments in the ETH/USDT pair are providing hope for Ethereum enthusiasts. In fact, data from Hyblock Capital revealed a significant orderbook imbalance of 70% for ETH at a 1-2% depth. Historically, when ETH experiences a similar 70% bid imbalance, the price marks a bottom and began to rise. The current bid imbalance means that ETH could see a repeat of this upward price trend. Source: Hyblock Capital Ethereum in an ascending triangle Ethereum, at the time of writing, was forming an ascending triangle on the weekly timeframe, with its price respecting the 200-moving average. This consolidation pattern supports a bullish case for ETH, as ascending triangles typically lead to price breakouts. The 70% bid imbalance further reinforces the possibility of an upward move on the charts. Source: TradingView Consolidation phases usually precede significant price movements. In this case, a breakout could push ETH to much higher levels. Weekly RSI heatmap The weekly Relative Strength Index (RSI) heatmap indicated that at press time, many cryptocurrencies were in the weak or neutral zone, with an average RSI of 40.22%. This means that the market is transitioning from an oversold condition right now. Source: Coinglass As the RSI approaches more neutral levels, it might point to a potential upward movement for ETH. Especially with the 70% bid imbalance indicating a possible bottom. This would align with expectations of a price surge on…

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Filed under: News - @ September 6, 2024 8:20 pm