{"id":636780,"date":"2024-08-21T03:30:42","date_gmt":"2024-08-21T03:30:42","guid":{"rendered":"https:\/\/wncen.com\/?p=636780"},"modified":"2024-08-20T16:52:59","modified_gmt":"2024-08-20T16:52:59","slug":"is-ethereum-finally-over-the-slump-on-chain-metrics","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/is-ethereum-finally-over-the-slump-on-chain-metrics\/","title":{"rendered":"Is Ethereum Finally Over the Slump? These 2 On-Chain Metrics Suggests a Bullish Turn"},"content":{"rendered":"<p>Ethereum, the second largest cryptocurrency by market cap has been experiencing a <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-lower-2550\/\" target=\"_blank\" rel=\"noopener \">prolonged period of price correction<\/a>, leaving investors and traders questioning when the crypto asset will regain its upward momentum.<\/p>\n<p>As a result, an analyst from CryptoQuant has <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66c32a971dad4a62a5d2fb6a-2-Different-On-Chain-Metrics-May-Indicate-We-Are-in-the-Late-Stages-of-Ethers-Co?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=burakkesmeci\" target=\"_blank\" rel=\"noopener nofollow\">analyzed<\/a> ETH&#8217;s on-chain metric and is now suggesting that Ethereum might be nearing the end of this correction phase, potentially setting the <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-transaction-costs-hit-historic-lows\/\">stage for a bullish turn<\/a>.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-transaction-costs-hit-historic-lows\/\" target=\"_blank\" rel=\"noopener \">Ethereum Transaction Costs Hit Historic Lows: What Does This Mean For ETH?<\/a><\/div>\n<h2>Metrics Signalling End Of The Slump<\/h2>\n<p>According to the post by the CryptoQuant analyst Burak Kesmeci, key on-chain metrics indicate that the necessary liquidations on leveraged positions have occurred, and buyers are slowly regaining their footing.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">2 Different On-Chain Metrics May Indicate We Are in the Late Stages of Ether&#8217;s Correction<\/p>\n<p>\u201cCurrent 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.\u201d \u2013 by\u2026 <a href=\"https:\/\/t.co\/hrzhSLqdB4\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/hrzhSLqdB4<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/83751243?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">August 19, 2024<\/a><\/p><\/blockquote>\n<p>The analysis highlights two specific <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-to-remain-under-bearish-pressure-as-taker-buy-sell-ratio-drops\/\" target=\"_blank\" rel=\"noopener \">on-chain metrics<\/a> that point to the possibility of a bullish reversal. These metrics are the Taker Buy Sell Ratio and Open Interest (OI), which provide insights into market sentiment and trading activity.<\/p>\n<p>The Taker Buy Sell Ratio is a metric that measures the <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-sees-major-outflow-from-mega-whales-eth-price-drops-below-2600\/\" target=\"_blank\" rel=\"noopener \">ratio of buyers to sellers across all cryptocurrency exchanges<\/a>. A positive ratio suggests buyers are becoming more dominant, which can be an early signal of increasing demand and potential price appreciation.<\/p>\n<figure style=\"width: 1692px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GVXBvbmXYAASoXN?format=jpg&amp;name=large\" alt=\"Ethereum Taker Buy Sell Ratio For All Exchanges. \" width=\"1692\" height=\"936\"><figcaption class=\"wp-caption-text\">Ethereum Taker Buy Sell Ratio For All Exchanges. | Source: CryptoQuant<\/figcaption><\/figure>\n<p>According to Kesmeci\u2019s analysis, the Taker Buy Sell Ratio for Ethereum has recently turned positive, indicating that buyers are beginning to regain control after a period of dominance by sellers. This shift in market stance is a promising sign that Ethereum could be on the verge of a recovery.<\/p>\n<h2>A Closer Look At Ethereum Open Interest<\/h2>\n<p>In addition to the Taker Buy Sell Ratio, Open Interest (OI) is another crucial metric the analyst mentioned in his analysis. OI represents the total number of open long and short positions in the market.<\/p>\n<p>High levels of OI often indicate that a significant price movement is imminent, as traders are heavily invested in the market\u2019s next direction. Kesmeci noted:<\/p>\n<blockquote><p>In June 2024, when Ethereum&#8217;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 &#8220;bloody Monday&#8221; of August 5, 2024 (triggered by events in Japan), OI dropped to $7 billion.<\/p><\/blockquote>\n<p>The decline in OI, coupled with the recent liquidation of leveraged positions, according to Kesmeci, suggests that the market has undergone the necessary corrections and may now be stabilizing.<\/p>\n<figure style=\"width: 1690px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GVXBvbnXgAAjGu-?format=jpg&amp;name=large\" alt=\"Ethereum Taker Open Interest For All Exchanges. \" width=\"1690\" height=\"946\"><figcaption class=\"wp-caption-text\">Ethereum Taker Open Interest For All Exchanges. | Source: CryptoQuant<\/figcaption><\/figure>\n<p>For Ethereum\u2019s price to move significantly, the analyst disclosed that it is likely that leveraged players will need to re-enter the market, driving demand and pushing prices higher.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/will-ethereum-hit-3000-in-september-analyst-bets-on-80-odds\/\" target=\"_blank\" rel=\"noopener \">Will Ethereum Reach Over $3,000 In September? Analyst Bets On 80% Odds<\/a><\/div>\n<p>Kesmeci\u2019s analysis concludes that while the recent data shows buyers are gradually regaining strength, it remains to be seen whether this is the beginning of a<a href=\"https:\/\/wncen.com\/news\/will-ethereum-hit-3000-in-september-analyst-bets-on-80-odds\/\" target=\"_blank\" rel=\"noopener \"> sustained rally<\/a> or just a temporary rebound.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/dvpkkE1N\/\" alt=\"Ethereum (ETH) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">ETH price is moving sideways on the 2-hour chart. Source: ETH\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum, the second largest cryptocurrency by market cap has been experiencing a prolonged period of price correction, leaving investors and traders questioning when the crypto asset will regain its upward momentum. As a result, an analyst from CryptoQuant has analyzed ETH&#8217;s on-chain metric and is now suggesting that Ethereum might be nearing the end of this correction phase, potentially setting the stage for a bullish turn. Related Reading: Ethereum Transaction Costs Hit Historic Lows: What Does This Mean For ETH? Metrics Signalling End Of The Slump According to the post by the CryptoQuant analyst Burak Kesmeci, key on-chain metrics indicate that the necessary liquidations on leveraged positions have occurred, and buyers are slowly regaining their footing. 2 Different On-Chain Metrics May Indicate We Are in the Late Stages of Ether&#8217;s Correction \u201cCurrent 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.\u201d \u2013 by\u2026 pic.twitter.com\/hrzhSLqdB4 \u2014 CryptoQuant.com (@cryptoquant_com) August 19, 2024 The analysis highlights two specific on-chain metrics that point to the possibility of a bullish reversal. These metrics are the Taker Buy Sell Ratio and Open Interest (OI), which provide insights into market sentiment and trading activity. The Taker Buy Sell Ratio is a metric that measures the ratio of buyers to sellers across all cryptocurrency exchanges. A positive ratio suggests buyers are becoming more dominant, which can be an early signal of increasing demand and potential price appreciation. According to Kesmeci\u2019s analysis, the Taker Buy Sell Ratio for Ethereum has recently turned positive, indicating that buyers are beginning to regain control after a period of dominance by sellers. This shift in market stance is a promising sign that Ethereum could be on the verge of a recovery. A Closer Look At Ethereum Open Interest In addition to the Taker Buy Sell Ratio, Open Interest (OI) is another crucial metric the analyst mentioned in his analysis. OI represents the total number of open long and short positions in the market. High levels of OI often indicate that a significant price movement is imminent, as traders are heavily invested in the market\u2019s next direction. Kesmeci noted: In June 2024, when Ethereum&#8217;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 &#8220;bloody Monday&#8221; of August 5, 2024 (triggered by events in Japan), OI dropped to $7 billion. The decline in OI, coupled with the recent liquidation of leveraged positions, according to Kesmeci, suggests that the market has undergone the necessary corrections and may now be stabilizing. For Ethereum\u2019s price to move significantly, the analyst disclosed that it is likely that leveraged players will need to re-enter the market, driving demand and pushing prices higher. Related Reading: Will Ethereum Reach Over $3,000 In September? Analyst Bets On 80% Odds Kesmeci\u2019s analysis concludes that while the recent data shows buyers are gradually regaining strength, it remains to be seen whether this is the beginning of a sustained rally or just a temporary rebound. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":636799,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[6664,83531,8323,1946,10336,91844,84165,78803],"class_list":["post-636780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto","tag-cryptoquant","tag-eth","tag-ethereum","tag-ethereum-analysis","tag-ethereum-market","tag-ethereum-price-prediction","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Is Ethereum Finally Over the Slump? 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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Analyst Predicts Bull Run As Key Metric Approaches Critical Level"},{"@type":"BreadcrumbList","@id":"https:\/\/wncen.com\/news\/ethereum\/is-ethereum-finally-over-the-slump-on-chain-metrics\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wncen.com\/"},{"@type":"ListItem","position":2,"name":"Is Ethereum Finally Over the Slump? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Ethereum Finally Over the Slump? 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