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Silence before the storm in Ethereum (ETH): Is the rise beginning?
The long-awaited altcoin investors' rally season may depend on Etherum (ETH) funding rates with great enthusiasm.
CryptoQuant author Burak Kesmeci said, "We will wait for the ETH funding rate to rise above 0.015 to see if the calm before the storm will be broken." A higher funding rate indicates that market optimism is strengthening and traders are willing to hold long positions.
Kesmeci added, "We need positive signals to see another parabolic rise in Ethereum. Support from the futures market plays a significant role in such rises."
Ethereum (ETH) funding rates will be decisive for price
The CryptoQuant author noted that the current funding rate for Ether is approximately 0.0056 and is similar to its level in September 2023 before it exceeded 0.015. He emphasized that the return of the funding rate to this level is vital for tracking healthy rises in bull markets.
According to CoinMarketCap, ETH's price reached $4,006 on March 13, a 166% increase in the six months following the interest rate hike in September 2023. However, ETH has failed to close above the critical level of $2,500 for investors since September 2. Analysts point out that ETH's price has lagged behind Bitcoin.
Futures traders are skeptical that Ether will reach this level in the short term. According to CoinGlass data, if ETH reaches the $2500 range, approximately $576.28 million worth of short positions will be liquidated. Both spot and futures traders are closely monitoring the price structure in Ethereum.
This article does not contain any investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.