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’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’s Correction “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.” – by… pic.twitter.com/hrzhSLqdB4 — CryptoQuant.com (@cryptoquant_com) August 19, 2024 The analysis highl ..
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