ETH continues to appear in the spotlight as signs of sales pressure: cryptoquant

Ether (ETH) has been the conversation of the crypto community in recent weeks. Investors see renewed interest and trust in the potential of the cryptocurrency after almost writing off for this cycle.

While the hype continues to build, analysts on the Market Intelligence Platform have identified Signs of increasing sales pressure. This indicates that more investors are preparing to realize profit, since ETH continues its positive momentum.

ETH performs better than BTC

Ether has entered a bullish cycle against Bitcoin (BTC) and has gathered around his high (ATH) for the past three days. On August 14, ETH climbed to $ 4,743, the highest level since November 2021. The price was only centimeter away from the ATH of $ 4,891, per data from Coinmarketcap. At the time of the press, the value of the asset had fallen slightly to $ 4,500.

Since ETH tries to register a new high, the relative price at BTC measured by the ETH/BTC price ratio has risen its 365-day advancing average. Such movements have historically signaled a bullish cycle for ETH. This time it has confirmed a new leg for the active against BTC.

In addition, crypto investors show their preference for ETH via spot exchange-related fund (ETF) allocations. Spot ETHEEM ETFs register more inflow compared to their Bitcoin opposite hits. The ETH/BTC ETFS ratio is currently 0.15, a significant increase of 0.05 three months ago.

Moreover, the increase in exposure of traders to ETH is more than BTC clearly in the open interest of Ethereum. Analysts discovered that the open interest of ETH compared to BTC on crypto exchanges has risen from 0.57 to 0.78. This also shows that traders in the Perpetual Futures market are more invested in ETH than BTC.

Drawing sales pressure

Moreover, ETH sees a higher spot -trade volume compared to Bitcoin. Last week the ratio between Ether’s volume compared to BTC Pistc was up to 1.66, the highest since June 2017. ETH witnessed a similar growth between 2019 and 2021 when the BTC with 4x better than surpassed.

In the last four consecutive weeks, Ether’s Spot Trading Volume has surpassed BTC with billions, with the most recent $ 10 billion.

Despite this commendable growth, ETH will soon be able to get high pressure on the sales side. The relative price of the active against BTC is approaching overvalued levels. Daily ETH entry into exchanges are enriched, which are larger than those of BTC. These signals suggest that ETH can be confronted in the short term.