{"id":652305,"date":"2024-11-09T15:30:53","date_gmt":"2024-11-09T15:30:53","guid":{"rendered":"https:\/\/wncen.com\/?p=652305"},"modified":"2024-11-09T07:46:35","modified_gmt":"2024-11-09T07:46:35","slug":"ethereum-funding-rates-hit-key-bullish-level-price-surge-ahead","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-funding-rates-hit-key-bullish-level-price-surge-ahead\/","title":{"rendered":"Ethereum Funding Rates Hit Key Bullish Level – Price Surge Ahead?"},"content":{"rendered":"

Following Donald Trump\u2019s victory<\/a> in the US presidential election on November 5, Ethereum (ETH), alongside the general cryptocurrency market, has experienced notable price gains. In particular, the second-largest cryptocurrency has witnessed its value increase by 24.31% in the past four days as it approaches a crucial $3,000<\/a> resistance zone.
\n<\/span><\/p>\n

Related Reading: Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH \u2013 Time To Buy Altcoins?<\/a><\/div>\n

Ethereum Prepares For Potential Surge As Funding Rates Hit 0.02<\/strong><\/h2>\n

Amidst the recent price rally in the last week, crypto analyst Burak Kesmeci notes that<\/a> Ethereum funding rates have now climbed above 0.02, which can be described as a strong bullish signal.\u00a0<\/span><\/p>\n

Generally, funding rates are periodic payments made between traders in the perpetual future contracts during funding intervals.\u00a0<\/span>A funding rate of 0.02 indicates long position domination and demands that long traders pay 2% of the notional value of their position to short traders in order to maintain the price of perpetual contracts close to the spot market price of an asset.\u00a0<\/span><\/p>\n

According to Kesmeci, long positions in futures markets are crucial to initiating strong bull rallies in the same vein as spot market acquisitions.\u00a0<\/span>Interestingly, historical data as shared by the analyst shows that Ethereum has consistently experienced a major price uptrend whenever funding rates have risen and stayed above 0.02.<\/span><\/p>\n

For context, when funding rates hit 0.02 on July 1, 2020, the ETH market recorded a price gain of over 100% in 50 days. Likewise, on November 2, 2020, Ethereum also embarked on a bullish course surging by over 1000% in 350 days.\u00a0<\/span>Most recently, Kesmeci notes that the altcoin\u2019s price grew by 150% in 150 days as the funding rates crossed 0.02 on October 4, 2023. Therefore, the analyst postulates ETH may be primed for a robust bullish run in the coming days.<\/span><\/p>\n

In addition, this potential uptrend is expected to influence other altcoin markets due to Ethereum\u2019s position as the largest altcoin by market cap.
\n<\/span><\/p>\n

Related Reading: Ethereum L2 Project Spark Launches On-Chain Order Book On Fuel Network To Enhance Trading<\/a><\/div>\n

ETH Meets Crucial $3,000 Resistance Level<\/strong><\/h2>\n

With Ethereum\u2019s price hovering above $2,900, the token is set to soon encounter a major resistance at the $3,000 price mark.\u00a0 <\/span>According to a report<\/a> by blockchain analytics company IntoTheBlock, this particular resistance level which can be described as a historically significant demand zone is normally expected to provide much opposition to Ethereum\u2019s ascent.\u00a0<\/span><\/p>\n

However, the current bullish momentum in the ETH market is likely to subdue this resistance, allowing the asset to maintain its current rally. If Ethereum breaks beyond $3,000, the altcoin could attain a $4,000 price target. Albeit a rejection would result in ETH trading as low as $2,400.<\/span><\/p>\n

At the time of writing, Ethereum continues to trade at $2,970 following a 0.98% gain in the last day.<\/p>\n

\"Ethereum\"
ETHUSDT trading at $2,697.30 on the daily chart | Source: ETHUSDT chart on Tradingview.com<\/figcaption><\/figure>\n
\n
Featured image from Mandrex, chart from Tradingview<\/em><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Following Donald Trump\u2019s victory in the US presidential election on November 5, Ethereum (ETH), alongside the general cryptocurrency market, has experienced notable price gains. In particular, the second-largest cryptocurrency has witnessed its value increase by 24.31% in the past four days as it approaches a crucial $3,000 resistance zone. Related Reading: Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH \u2013 Time To Buy Altcoins? Ethereum Prepares For Potential Surge As Funding Rates Hit 0.02 Amidst the recent price rally in the last week, crypto analyst Burak Kesmeci notes that Ethereum funding rates have now climbed above 0.02, which can be described as a strong bullish signal.\u00a0 Generally, funding rates are periodic payments made between traders in the perpetual future contracts during funding intervals.\u00a0A funding rate of 0.02 indicates long position domination and demands that long traders pay 2% of the notional value of their position to short traders in order to maintain the price of perpetual contracts close to the spot market price of an asset.\u00a0 According to Kesmeci, long positions in futures markets are crucial to initiating strong bull rallies in the same vein as spot market acquisitions.\u00a0Interestingly, historical data as shared by the analyst shows that Ethereum has consistently experienced a major price uptrend whenever funding rates have risen and stayed above 0.02. For context, when funding rates hit 0.02 on July 1, 2020, the ETH market recorded a price gain of over 100% in 50 days. Likewise, on November 2, 2020, Ethereum also embarked on a bullish course surging by over 1000% in 350 days.\u00a0Most recently, Kesmeci notes that the altcoin\u2019s price grew by 150% in 150 days as the funding rates crossed 0.02 on October 4, 2023. Therefore, the analyst postulates ETH may be primed for a robust bullish run in the coming days. In addition, this potential uptrend is expected to influence other altcoin markets due to Ethereum\u2019s position as the largest altcoin by market cap. Related Reading: Ethereum L2 Project Spark Launches On-Chain Order Book On Fuel Network To Enhance Trading ETH Meets Crucial $3,000 Resistance Level With Ethereum\u2019s price hovering above $2,900, the token is set to soon encounter a major resistance at the $3,000 price mark.\u00a0 According to a report by blockchain analytics company IntoTheBlock, this particular resistance level which can be described as a historically significant demand zone is normally expected to provide much opposition to Ethereum\u2019s ascent.\u00a0 However, the current bullish momentum in the ETH market is likely to subdue this resistance, allowing the asset to maintain its current rally. If Ethereum breaks beyond $3,000, the altcoin could attain a $4,000 price target. Albeit a rejection would result in ETH trading as low as $2,400. At the time of writing, Ethereum continues to trade at $2,970 following a 0.98% gain in the last day. Featured image from Mandrex, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":652306,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[93195,93342,86699,8686,78803,86150],"class_list":["post-652305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-burak-kesmeci","tag-eth-resistance","tag-ethereum-funding-rates","tag-ethusd","tag-ethusdt","tag-long-traders"],"acf":[],"yoast_head":"\nEthereum Funding Rates Hit Key Bullish Level, Price Surge Ahead?<\/title>\n<meta name=\"description\" content=\"Burak Kesmeci notes that Ethereum funding rates have now climbed above 0.02, which is described as a strong bullish signal.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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