burakkesmeci2024-08-19

2 Different On-Chain Metrics May Indicate We Are in the Late Stages of Ether's Correction

Necessary liquidations have been made on the leverage side, and buyers are gradually (albeit slightly) regaining strength. 1- Taker Buy Sell Ratio This metric, which calculates the ratio of buyers to sellers for Ether (across all exchanges), is positive again. The fact that it is likely to start the week in the positive zone (as it currently appears) is promising. Buyers are starting to regain strength in Ether. 2- Open Interest OI represents the total of all open (long & short) positions. In June 2024, when Ethereum's price reached $3,800, the OI data hit a record high, surpassing $13 billion. This indicated a market correction was likely, and indeed, the correction occurred. On the "bloody Monday" of August 5, 2024 (triggered by events in Japan), OI dropped to $7 billion. For a significant upward movement in price, leveraged players will need to return to the scene. ✅ Conclusion After a rapid rise in total trading volume on the leverage side, the necessary liquidation occurred due to a macroeconomic news event. 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.