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Ethereum is finally seeing a notable recovery in its price as the second largest cryptocurrency by market cap, which continues to break through significant resistance levels.
Continuing its upward trajectory, vision An increase of approximately 10% over the past week Discussions About the possibility of Ethereum reaching a new all-time high by the end of the year gained momentum.
Notably, dovetailing with ETH’s continued rise is renewed interest in Ethereum futures, with market metrics indicating bullish sentiment among traders.
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More room to grow?
A CryptoQuant analyst known as ShayanBTC recently shared insights into Ethereum’s ongoing rally, emphasizing the role of funding rates – a crucial metric in futures trading. Funding rates reflect trader sentiment and indicate whether the market is mostly bullish or bearish.
According to Cheyenne, Ethereum funding rates have been rising significantly in recent weeks, indicating that demand for long positions is increasing.
Despite this bullish sentiment, the analyst stated that funding rates are still below Ethereum’s previous all-time high of $4,900, indicating that it has “not yet entered an overheated state.”
Meanwhile, although funding rates indicate bullish sentiment, they also act as a warning sign for potential market corrections. Historically, sharp increases in funding rates have been followed by sudden market corrections or a series of liquidations.
However, Cheyenne points out that Ethereum’s current funding rates are still manageable, meaning the market has more room to grow before these risks become critical.
Ethereum market performance and forecast
Ethereum is currently on an upward trajectory, recording notable double-digit gains of around 15.6% over the past two weeks. This bullish performance pushed ETH to breach the critical $3,500 resistance level, setting its sights on the next major resistance at the $4,000 mark.
Currently, Ethereum is trading at $3,563, reflecting a 1.3% increase over the past 24 hours. However, this price represents a slight pullback from the 24-hour high of $3,682 hit earlier today.
Additionally, Ethereum’s current price is only 26.78% below its all-time high of $4,878, highlighting its gradual recovery within the market.
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Regardless of the bullish sentiment, Coinglass Data It shows that in the past 24 hours alone, 98,389 traders were liquidated, bringing the total liquidation to $278.03 million.
Of this total liquidation amount, Ethereum accounts for approximately $63.33 million, of which $40 million of this liquidation comes from short positions and $23.3 million from long positions.
Amidst the current price performance of Ethereum, the famous cryptocurrency analyst known as Ali on repeat His target is for ETH. Ali said the medium-term target remains $6,000 and the long-term target is $10,000.
Our medium term goal is to #Ethereum $ Ethereum $6,000 left… Long term goal: $10,000! https://t.co/X4lodGGIVY pic.twitter.com/siQsJzelzE
– Ali (@ali_charts) November 27, 2024
Featured image created with DALL-E, chart from TradingView