Slight uptick in Ethereum trader sentiment fuels ETH's parabolic rise
It would take a small uptick in sentiment among Ethereum traders to confirm an indicator that could signal a significant rise in the price of Ethereum and push it into a bull market rebound trajectory. According to a report from CryptoQuant analyst Burak Kesmeci on September 12, we are looking for the Ethereum funding rate to rise above 0.015 to see whether the “calm before the storm” is about to end.
Higher funding rates indicate increased market optimism and traders' willingness to pay higher costs to hold long positions. Kesmeci emphasized, “To achieve a parabolic rise in Ethereum, we need to see positive signals, and the futures market has important support for this rise.” Currently, the Ethereum financing rate is about 0.0056%, which is equivalent to the level in September 2023. It did not break through the key point of 0.015.
Healthy growth depends on reaching this level again. Although Ethereum has gained 47.57% in the past 12 months, its price has failed to break above $2,500 since September 2, which is a significant resistance level for traders. Although the market has generally placed high hopes on the spot Ethereum ETF, driving its price higher, futures traders remain skeptical.
We encourage every investor to stay tuned and witness the development potential of this crypto asset. For more information, please follow our follow-up reports.
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