In the past 24 hours, Ethereum (ETH), the leading altcoin, defied the broader market downturn by posting slight gains of approximately 1%. As of the latest reports, the cryptocurrency is trading at $1,842.

This development follows a significant increase in a key momentum indicator—the taker buy-sell ratio—reaching its highest point in the last 30 days. This surge suggests a renewed bullish sentiment in the futures market for the asset.

According to data from CryptoQuant, the taker-buy-sell ratio for ETH stands at 1.08, marking the highest level since early April. This metric assesses the proportion of buy and sell volumes in the futures market of ETH. A figure above 1 implies that more traders are actively purchasing ETH contracts compared to selling them, whereas values below 1 indicate strong selling pressure.

With a taker buy-sell ratio of 1.08, ETH clearly leans towards the buyers' side, indicating growing trader confidence that prices might continue to rise.

Additionally, the altcoin's Relative Strength Index (RSI) continues to ascend, further supporting this bullish outlook. At the moment, it is at 58.39 and rising.

The RSI indicator evaluates whether an asset is overbought or oversold. It operates within a range of 0 to 100, where values above 70 suggest the asset is overbought and likely to experience a decline, while readings below 30 indicate the asset is oversold and may see a recovery.

ETH's RSI reading aligns with the intensifying bullish inclination towards the altcoin, reinforcing the belief that it might be poised for further upward movement.

Currently priced at $1,842, ETH remains above its 20-day exponential moving average (EMA), which serves as dynamic support at $1,770.

The 20-day EMA calculates the average price of an asset over the previous 20 trading days, giving more importance to recent prices. When an asset trades above this critical moving average, it signifies short-term bullish momentum. This means recent prices are trending higher than the average of the past 20 days. Traders typically view this as a sign of underlying strength or an early uptrend.

Consequently, if buying pressure strengthens, ETH could sustain its rally towards $2,027.

Conversely, should buying activity diminish, the coin might relinquish its recent gains, breach the 20-day EMA, and potentially drop to $1,385.

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