Ethereum (ETH) Targets $2,800 as Traders Bets All the Way 🩸🔥🚀✅

Ethereum traders are growing increasingly confident that the altcoin’s price could soon see a major recovery. This optimism is a response to what many are calling Ethereum’s bottom. 🩸🔥

Ethereum’s estimated leverage ratio (ELR) — a measure that shows whether traders are taking highly leveraged bets in the derivatives market — has seen a significant decline, indicating cautious behavior in the market. However, the ELR has risen to its highest level in over a month, indicating a shift as traders start taking highly leveraged positions🩸🔥

These risky bets may be linked to the fact that ETH/BTC has hit its lowest point in over three years. Crypto analyst and founder of Into the Cryptoverse Benjamin Quinn commented that this development may have brought Ethereum closer to its bottom. 🩸🔥

The current funding rate reflects this positive expectation. A negative funding rate indicates bearish sentiment and short selling, but ETH funding is positively strong. This indicates that traders are willing to pay extra to hold long positions, anticipating a rally towards $2,800. $ETH 🔥🚀