Changes might be coming to the crypto world, particularly in the dynamics of the second-largest digital asset. According to experts at CryptoQuant, Ethereum's correction phase is nearing its end. Analysts predict that the asset will soon jump.
Over the past few weeks, the market has been shifting, leading to the closure of some traders’ positions. However, Ethereum buyers are now regaining their strength, as highlighted by CryptoQuant. Analysts note that the indicator measuring the ratio of ETH buyers to sellers across all exchanges has turned green again. This shift is also accompanied by an increase in open interest (OI) among investors.
"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," CryptoQuant reports. Experts believe that a significant increase in ETH's price will be possible once leveraged traders return to the market.
Current data shows that Ethereum buyers are becoming more active. CryptoQuant points to a trend that suggests a strong bullish rally is about to kick off. They predict that the positive momentum in the crypto market will intensify by the end of the third quarter of 2024.
