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