Ethereum To $4K Again? Analyst Predicts Bull Run As Key Metric Approaches Critical Level
13 Septembre 2024 - 8:30AM
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Ethereum appears to have now seen a notable shift in its major
metric. Particularly, a recent CryptoQuant analyst, Burak Kesmeci
report, highlighted the potential significance of Ethereum’s
current funding rates. The analyst pointed out that similar
patterns in the past have been followed by substantial price
increases, suggesting that Ethereum might be on the verge of a new
surge. Related Reading: Analyst Predicts $4,000 Mid-Term Target for
Ethereum, Declares End to ETH Correction Calm Before The Storm?
Funding rates are a key future market metric, indicating the
balance between long and short positions. When the funding rate
stays low for an extended period, it can signal market indecision
or calm, but if the rate rises sharply, it often precedes a strong
price movement. According to the report by Kesmeci, Ethereum’s
funding rates have been hovering between 0.002 and 0.005, a
relatively low level last seen in September 2023. The funding rate
then spiked above 0.015, followed by a price rally from $1,500 to
over $4,000. The analyst further explored whether Ethereum’s
funding rate in September 2024 could signal a similar price
movement. The current low funding rates have persisted for about a
month, starting from August. This situation mirrors the period
before last year’s significant price surge. September and the final
quarter have historically been pivotal times for crypto markets,
often seeing increased trading volume and price gains as summer
ends. However, Kesmeci noted: I can’t say if history will repeat
itself, but there’s certainly a rhythm to it. We will wait for
Ether’s funding rate to rise above 0.015 to see if the calm before
the storm breaks. A move above this level in funding rates is
crucial for tracking healthy increases during bull markets. How Is
Ethereum Faring So Far? While Ethereum hasn’t seen a further
decrease following its low of $2,197 last month, the asset hasn’t
seen a major price increase in the past weeks. Instead, ETH has
continued to consolidate within a specific range. Following an
attempt to create a new all-time high back in March, trading above
$4,000, ETH has seen a consistent decline ever since and has
remained below $3,000 since August. So far, the asset has declined
2.7% in the past weeks and has also seen a 0.7% increase in the
past 24 hours. However, the asset remains below the $3,000 mark,
currently trading for $2,331 at the time of writing. Related
Reading: Ethereum Sees Massive Outflows from Derivatives: What Does
This Mean For ETH? According to a recent post from a renowned
crypto analyst, Alex Clay, on X, ETH might have ended its
correction. Clay noted that a “break above $2500 will confirm the
beginning of the rally.” #ETH/USD Imo we are at the end of the $ETH
correction💁♂️ Looking for some consolidation above the Key Zone +
200 MA & 200 EMA confluence Break above $2500 will serve a
confirmation of the beginning of the rally🚀#Ethereum turned to be a
heavy asset so $10k target is rather… pic.twitter.com/jjGPPUHWE3 —
Alex Clay (@cryptclay) September 9, 2024 Featured image created
with DALL-E, Chart from TradingView
Flow (COIN:FLOWUSD)
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Flow (COIN:FLOWUSD)
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