Ethereum [ETH] has been facing a challenging week as it experienced a significant decline of 16.48% from its recent high of $4109. The downward pressure on ETH has been strong, with the altcoin dropping to a low of $3095. However, despite this recent dip, there are indications that Ethereum could be poised for a potential rebound to $3,300.
One of the key factors signaling a potential comeback for Ethereum is its funding rate. After facing two rejections at the $4,000 resistance level, Ethereum’s funding rate has cooled down. This cooling effect is seen as a positive sign for a bullish trend in the near future.
The recent market reset in Ethereum’s futures market, triggered by the failure to reclaim the $4,000 resistance, led to a significant decrease in liquidations and a subsequent market crash. However, the cooling of ETH’s funding rate following this event suggests that the altcoin is now in a better position for a sustainable rally.
Historical data from January 2024 shows a similar pattern where a drop in funding rates cooled the futures market, paving the way for a major uptrend in Ethereum. If history repeats itself, the current market reset could be the beginning of another bullish phase for ETH.
Looking at the charts, Ethereum’s stock-to-flow ratio has surged over the past week, indicating that ETH has become more scarce due to increased accumulation by large holders. This scarcity, coupled with rising demand, is expected to push prices up through a supply squeeze.
Additionally, the Ethereum MVRV Z score ratio has declined to a level of 0.745, signaling that ETH is currently undervalued. This presents a good opportunity for accumulation among long-term holders, leading to increased buying pressure and upward price movement.
The Bitmex basis ratio for Ethereum has also turned positive, reflecting optimism in the futures market as traders anticipate a price recovery after the recent dip. With both the futures market and spot demand for Ethereum showing positive signs, a comeback for ETH is likely.
If market conditions remain favorable, Ethereum could reclaim the $3,700 resistance level and potentially move towards $3,900. However, if bears continue to exert pressure, ETH may drop to $3,160. Overall, the market sentiment remains optimistic for Ethereum, suggesting that a rebound is on the horizon. Are you tired of feeling overwhelmed and stressed out by the demands of everyday life? It’s easy to get caught up in the hustle and bustle of our fast-paced world, but it’s important to take a step back and prioritize your mental well-being. One way to do this is by incorporating mindfulness practices into your daily routine.
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