{"id":644702,"date":"2024-09-26T22:30:53","date_gmt":"2024-09-26T22:30:53","guid":{"rendered":"https:\/\/wncen.com\/?p=644702"},"modified":"2024-09-26T11:37:40","modified_gmt":"2024-09-26T11:37:40","slug":"ethereum-price-above-3000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-above-3000\/","title":{"rendered":"Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again"},"content":{"rendered":"

Ethereum, the second-largest cryptocurrency by market capitalization, has yet to reclaim the $3,000 price level since early August. Since the beginning of September, Ethereum has mostly traded below $2,600, but this week brought a glimmer of hope for investors as it finally managed to break above the $2,600 threshold. <\/span><\/p>\n

Now that this resistance threshold has been broken, <\/span>the next outlook<\/span><\/a> is a continued surge up until the $3,000 price level.\u00a0<\/span>An analysis on the CryptoQuant platform points to a potential catalyst for this move to the upside. Notably, this analysis identifies an emerging bullish trend in Ethereum’s funding rates as a critical catalyst.<\/span><\/p>\n

Bullish Shift In Funding Rates<\/h2>\n

According to an <\/span>ETH analysis on CryptoQuant<\/span><\/a> by ShayanBTC, Ethereum\u2019s 30-day moving average of funding rates has seen a slight but noticeable bullish shift after an extended period of decline. This change suggests that traders are once again <\/span>becoming more confident in <\/span><\/a>Ethereum\u2019s price performance, particularly after the <\/span>recent Fed interest rate cut.<\/span><\/a>\u00a0<\/span><\/p>\n

ETH Funding rates refer to the periodic payments made between traders to maintain the price of perpetual futures contracts near the spot price of the cryptocurrency. When the funding rates shift positively, it often indicates that long positions are more dominant, which can create upward price pressure.\u00a0<\/span><\/p>\n

The importance of the funding rates was emphasized by the analyst, especially considering the prospect of a bullish fourth quarter of the year. Notably, they echoed that for Ethereum to continue its recovery and target higher price levels, the demand in the perpetual futures market must keep rising in the coming weeks. A small decline in the funding rates could cascade into a fall in bullish momentum.<\/span><\/p>\n

Ethereum Staging A Return To $3,000?<\/h2>\n

Ethereum’s recent breakout above $2,600 is the first signal of a major shift in market sentiment. After weeks of trading below, the $2,600 price level seems to have now become an essential support zone for the cryptocurrency. Interestingly, this breakout sets the stage for the return of ETH to $3,000, with the funding rates playing an essential part.<\/span><\/p>\n

At the time of writing, Ethereum is trading at $2,610 and is up by 8% in the past seven days. Notably, this price increase is more noticeable from a low of $2,171 on September 6, reflecting a 20% increase since then.\u00a0<\/span><\/p>\n

\"Ethereum\"
Source: Farside UK<\/figcaption><\/figure>\n

The positive sentiment surrounding Ethereum is also moving towards institutional investors, which is reflected <\/span>through Spot Ethereum ETFs<\/span><\/a>. According to flow data, the ETFs, which initially started the week with a net outflow of $79.3 million on Monday, have now witnessed two consecutive days of $62.5 million and $43.2 million, respectively, on Tuesday and Wednesday. The combination of these inflows could play a significant role in whether Ethereum can breach the $3,000 price level and sustain above in the coming weeks.<\/span><\/p>\n

\"Ethereum
ETH price fails to clear $2,700 | Source: ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum, the second-largest cryptocurrency by market capitalization, has yet to reclaim the $3,000 price level since early August. Since the beginning of September, Ethereum has mostly traded below $2,600, but this week brought a glimmer of hope for investors as it finally managed to break above the $2,600 threshold. Now that this resistance threshold has been broken, the next outlook is a continued surge up until the $3,000 price level.\u00a0An analysis on the CryptoQuant platform points to a potential catalyst for this move to the upside. Notably, this analysis identifies an emerging bullish trend in Ethereum’s funding rates as a critical catalyst. Bullish Shift In Funding Rates According to an ETH analysis on CryptoQuant by ShayanBTC, Ethereum\u2019s 30-day moving average of funding rates has seen a slight but noticeable bullish shift after an extended period of decline. This change suggests that traders are once again becoming more confident in Ethereum\u2019s price performance, particularly after the recent Fed interest rate cut.\u00a0 ETH Funding rates refer to the periodic payments made between traders to maintain the price of perpetual futures contracts near the spot price of the cryptocurrency. When the funding rates shift positively, it often indicates that long positions are more dominant, which can create upward price pressure.\u00a0 The importance of the funding rates was emphasized by the analyst, especially considering the prospect of a bullish fourth quarter of the year. Notably, they echoed that for Ethereum to continue its recovery and target higher price levels, the demand in the perpetual futures market must keep rising in the coming weeks. A small decline in the funding rates could cascade into a fall in bullish momentum. Ethereum Staging A Return To $3,000? Ethereum’s recent breakout above $2,600 is the first signal of a major shift in market sentiment. After weeks of trading below, the $2,600 price level seems to have now become an essential support zone for the cryptocurrency. Interestingly, this breakout sets the stage for the return of ETH to $3,000, with the funding rates playing an essential part. At the time of writing, Ethereum is trading at $2,610 and is up by 8% in the past seven days. Notably, this price increase is more noticeable from a low of $2,171 on September 6, reflecting a 20% increase since then.\u00a0 The positive sentiment surrounding Ethereum is also moving towards institutional investors, which is reflected through Spot Ethereum ETFs. According to flow data, the ETFs, which initially started the week with a net outflow of $79.3 million on Monday, have now witnessed two consecutive days of $62.5 million and $43.2 million, respectively, on Tuesday and Wednesday. The combination of these inflows could play a significant role in whether Ethereum can breach the $3,000 price level and sustain above in the coming weeks. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":644740,"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":[167,6664,26263,14690,8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-644702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nCrypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again<\/title>\n<meta name=\"description\" content=\"Ethereum, the second-largest cryptocurrency by market capitalization, has yet to reclaim the $3,000 price level since early August. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-price-above-3000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-price-above-3000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Ethereum_bf01bc.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Ethereum_bf01bc.jpeg?fit=1792%2C1024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","crypto","crypto analyst","crypto news","eth","eth news","eth price","ethereum","ethereum news","ethereum price","ethusd","ethusdt"],"dateCreated":"2024-09-26T22:30:53Z","datePublished":"2024-09-26T22:30:53Z","dateModified":"2024-09-26T22:30:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-price-above-3000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-price-above-3000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Ethereum_bf01bc.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Ethereum_bf01bc.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"crypto\",\"crypto analyst\",\"crypto news\",\"eth\",\"eth news\",\"eth price\",\"ethereum\",\"ethereum news\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2024-09-26T22:30:53Z\",\"datePublished\":\"2024-09-26T22:30:53Z\",\"dateModified\":\"2024-09-26T22:30:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Ethereum_bf01bc.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/644702"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=644702"}],"version-history":[{"count":1,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/644702\/revisions"}],"predecessor-version":[{"id":644742,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/644702\/revisions\/644742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/644740"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=644702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=644702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=644702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}