{"id":27235,"date":"2024-08-20T23:00:48","date_gmt":"2024-08-20T20:00:48","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=27235"},"modified":"2024-08-20T17:31:05","modified_gmt":"2024-08-20T14:31:05","slug":"ethereum-etfs-get-the-green-light","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/ethereum-etfs-get-the-green-light\/","title":{"rendered":"Ethereum ETFs Get the Green Light"},"content":{"rendered":"<p>Ether (ETH) has received a green light as expectations rise for the cryptocurrency, which has been trading below $3,000 for an extended period. Blockchain metrics indicate an increase in demand for ETH and a positive buyer-seller ratio. Burak Kesmeci, a writer for CryptoQuant, commented, \u201cBuyers are starting to regain strength in ETH.\u201d<\/p>\n<p>Kesmeci believes that <a href=\"https:\/\/coinengineer.net\/blog\/tether-launches-usdt-on-aptos-to-cut-transaction-costs\/\">ETH<\/a> is nearing the end of a prolonged correction. He suggests that ETH, which has been trading below $3,000 since early August, is approaching a potential breakout.<\/p>\n<p><strong>ETH Completes Its Correction<\/strong><\/p>\n<p>As the leading altcoin, Ether (ETH) has seen nearly a 3% increase in the last 24 hours. Since August 6, ETH has been trading between $2,200 and $2,600, approaching a significant resistance level.<\/p>\n<p>Kesmeci points to two popular on-chain metrics, suggesting that ETH is likely to strengthen in the near term and reclaim the $3,000 mark. According to Kesmeci&#8217;s analysis, the indicator measuring the ratio of buyers to sellers has turned positive. Additionally, Open Interest (OI), a metric that measures the frequency of trader transactions, has increased by nearly 10% in the last two days.<\/p>\n<p>Highlighting the OI, which has reached $10.69 billion, Kesmeci stated:<\/p>\n<p>\u201cFor a significant upward movement in price, leveraged traders need to return to the scene. Typically, investors become more confident in taking positions as the price of an asset rises.\u201d<\/p>\n<p>When ETH reached its all-time high of $4,066, OI was at $13.67 billion. In June, OI exceeded $15 billion.<\/p>\n<p>Kesmeci interpreted the traders&#8217; withdrawal from ETH as an indication that a market correction was likely, which indeed occurred.<\/p>\n<blockquote><p><strong><cite>You can present your thoughts as comments about the topic. Moreover, you can follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Telegram<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Twitter<\/a>, and\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">YouTube<\/a>\u00a0channels for the kind of\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a><\/cite><\/strong><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Ether (ETH) has received a green light as expectations rise for the cryptocurrency, which has been trading below $3,000 for an extended period. Blockchain metrics indicate an increase in demand for ETH and a positive buyer-seller ratio. Burak Kesmeci, a writer for CryptoQuant, commented, \u201cBuyers are starting to regain strength in ETH.\u201d Kesmeci believes that<\/p>\n","protected":false},"author":1,"featured_media":22805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[236,192,106,105],"class_list":["post-27235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-altcoin","tag-blockchain","tag-eth","tag-ethereum"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum ETFs Get the Green Light - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/ethereum-etfs-get-the-green-light\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum ETFs Get the Green Light - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Ether (ETH) has received a green light as expectations rise for the cryptocurrency, which has been trading below $3,000 for an extended period. 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