Ethereum Market Analysis: Funding Rates Point Towards Potential Rebound After Recent Correction

Amid the broader decline in the global crypto market, Ethereum has experienced a significant correction, dropping below the $3,500 price level. However, data from the CryptoQuant platform suggests a possible turnaround for ETH. Funding rates in the futures market have stabilized, indicating renewed confidence among traders and a potential rebound. Ethereum currently trades at $3,310, down by 1.5% in the past day, with a slight increase in trading volume. Analysts predict a bullish rebound towards the $4K resistance in the short to mid-term if the current buying pressure is sustained.

Read Full Article

The Defi FunFacts:

  1. Ethereum has been one of the major cryptocurrencies impacted significantly by the broader decline in the global crypto market.
  2. Despite underperforming in the recent bull run, Ethereum has experienced a notable correction, dropping to below the $3,500 price level in recent weeks.
  3. Data from the CryptoQuant platform suggests a possible turnaround for Ethereum, with key indicators pointing towards renewed market confidence.
  4. Funding rates in Ethereum’s futures market have shown signs of stabilization after the price drop, indicating renewed confidence among traders.
  5. The spike in funding rates implies increased demand for Ethereum at its current price level, potentially leading to a bullish rebound.
  6. Ethereum currently trades at a price of $3,310, down by 1.5% in the past day and 32.2% away from its all-time high of $4,878.
  7. Despite the price drop, Ethereum has seen a slight increase in trading volume in the past day, showing continued interest from traders.

I don’t own the rights to this content & no infringement intended, CREDIT: The Original Source: www.newsbtc.com

Please follow and like us:
Pin Share