Ether, which has lost about 13% of its value over the past few months, may be nearing the end of a lengthy correction. This is reported by analyst Burak Kesmeci, based on two important onchain metrics.
Current Market Situation of Ether
Since early August, Ether's value has dropped by 13%, falling below the key $3,000 level. However, data analysis shows that the Ether market might be on the path to recovery.
Key Onchain Metrics
In his August 19 report, Burak Kesmeci points to two significant metrics: the taker buy-sell ratio and open interest (OI). The analyst notes that in the latter half of the reporting period, the buyer-seller ratio turned positive again, showing an increase in long positions to 50.37%. As of August 19, Ether's OI amounted to $10.69 billion, up 10% from the previous day.
Future Prospects
For significant price improvement, Kesmeci believes, leveraged players need to return to the market. Historical data shows that when Ether reached its highs, OI also witnessed substantial activity. However, despite the launch of the first US-based Ether ETFs on July 23, the asset's value continues to decline, possibly due to significant fund outflows.
Current data indicates a potential price recovery for Ether in the near future, but more definite conclusions can be drawn with additional growth signals in the market.
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