Ramazan Eles 
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, “Buyers are starting to regain strength in ETH.”
Kesmeci believes that ETH 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.
ETH Completes Its Correction
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.
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’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.
Highlighting the OI, which has reached $10.69 billion, Kesmeci stated:
“For 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.”
When ETH reached its all-time high of $4,066, OI was at $13.67 billion. In June, OI exceeded $15 billion.
Kesmeci interpreted the traders’ withdrawal from ETH as an indication that a market correction was likely, which indeed occurred.
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