Ether has fallen 13% since the beginning of August, falling below the $3,000 level. However, there are some signs that this correction may be coming to an end. Two different on-chain indicators are suggesting that Ether (ETH) could be gaining strength again.

CryptoQuant analyst Burak Kesmeci made an assessment on August 19, saying, “Ether buyers are starting to gain strength again.” Kesmeci mentioned two important on-chain metrics that indicate that Ether may recover soon: Buyer-Seller Ratio and Open Interest (OI) data. According to Kesmeci’s analysis, the metric showing the ratio of buyers to sellers on major cryptocurrency exchanges has returned to a positive trend, indicating that Ether buyers are starting to play an active role in the market again.

According to CoinGlass data, although a slight increase in short positions was observed in Ether in the last 24-hour transactions, a positive trend is striking in the last 12 hours. 50.37% of leveraged transactions are long (buy). According to CoinMarketCap data, the Ethereum price has decreased by 23.57% since July 23, falling to $2,679. As of August 19, Ether’s Open Interest (OI) value reached $10.69 billion, a figure that represents a 10% increase from the previous day, August 18.

For a significant rally to resume, leveraged investors will need to re-enter the market, Kesci said. Traders are generally more willing to open positions when the price of an asset rises.

On March 12, when ETH reached its all-time high of $4,066, OI was at $13.67 billion. During a retest of these levels around $3,800 in June, OI had risen above $15 billion. Kesmeci believes this is a sign of a market correction, and that this correction may be complete.

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