The post Ether’s Correction May Be in Its Final Stages, On-Chain Metrics Suggest appeared on BitcoinEthereumNews.com.

Since the launch of U.S.-based spot Ether ETFs on July 23, Ether’s price has dropped by over 26%. However, CryptoQuant author Burak Kesmeci suggests that this price correction might be nearing its end, supported by two on-chain metrics indicating a potential shift. Taker Buy-Sell Ratio Turns Positive One promising sign is the Taker Buy-Sell Ratio, which measures the ratio of buyers to sellers for Ethereum across all exchanges. This metric has recently turned positive, suggesting that buyers are starting to regain their strength.  A positive Taker Buy-Sell Ratio at the start of the week is seen as an encouraging sign that the market could be stabilizing. 2 Different On-Chain Metrics May Indicate We Are in the Late Stages of Ether’s Correction “Current data shows that buyers in Ether are gradually regaining strength. However, time will tell whether this is a temporary rebound or the start of a strong rally led by the bulls.” – by… pic.twitter.com/hrzhSLqdB4 — CryptoQuant.com (@cryptoquant_com) August 19, 2024 Open Interest Shows Shift Another important metric is Open Interest (OI), which represents the total of all open long and short positions. In June 2024, when Ethereum’s price peaked at $3,800, OI hit a record high of over $13 billion. This high level of OI indicated that a market correction was likely, and indeed, a correction followed.  By August 5, 2024, following a Japanese stock market crash triggered by rising interest rates from the Bank of Japan, Open Interest (OI) had fallen to $7 billion. However, it has recently increased to $7.9 billion, reflecting a 1.8% rise in the last 24 hours. What To Expect? After a period of high trading volume on the leverage side and subsequent liquidations triggered by macroeconomic events, the current data suggests that buyers are slowly regaining strength. However, it remains to be…

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Filed under: News - @ August 20, 2024 10:23 am