CryptoQuant: Ethereum correction is in its late stages
Analysts at CryptoQuant believe that the Ethereum correction is in its late stages.
According to them, Ethereum buyers are gradually regaining their positions in the market.
Experts from the analytical company CryptoQuant stated that the Ethereum correction is in its late stages. According to them, the market has seen âthe necessary amount of liquidationsâ and buyers are gradually (albeit slightly) regaining their strength.
The analysts explained their opinion with two indicators. First, the indicator that calculates the ratio of buyers and sellers of Ethereum on all exchanges has turned positive again.
Second, this is open interest (OI). CryptoQuant added that OI âis the sum of all open long and short positions.â Note that at the time of writing, open interest in Ethereum is $10.69 billion.
Experts added that for the price to move significantly upward, players who use leverage must return to the market.
At the time of writing, Ethereum (ETH) is trading near $2,650.
Recall that CryptoQuant previously predicted positive dynamics in the crypto market in Q3 2024.
