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Ethereum: While “sell orders” dominate market, positive sentiment lingers

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Most ETH traders have taken to distributing their holdings. The positive conviction still lingers as many anticipate the Shanghai Upgrade. On-chain assessment of the Net Taker Volume metric has revealed that following the recent rally in the price of Ethereum [ETH], traders have been exiting the market in large numbers, with the highest volume of […]

aggressiveness of market sellers and buyers for a specified crypto asset.

The metric calculates the difference between the ‘Taker Buy Volume’ and ‘Taker Sell Volume’ and provides insights into the behavior of market participants who use market orders. Market participants who use market orders are willing to buy or sell at any price, regardless of the cost or fees involved. However, their main priority is to exit their position, according to Maartunn.

With ETH’s Net Taker Volume at its deepest negative value since May 2022, “traders on Ethereum are escaping the market through market orders, which is pushing the price down,” Maartuun noted.“The strongest signal of the indicator is when prices are still relatively high, but Net Taker Volume is deeply red. And that is where Ethereum is currently.

 

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