When analyzing Ethereum's on-chain data, we observe that the fourth quarter of 2024 and the first quarter of 2025 show significant potential for a bullish trend. Notably, the estimated leverage ratios in Q4 2024 are considerably higher compared to the rest of the year, indicating increased risk appetite among investors. Additionally, Ethereum’s open interest has reached record levels in Q4 2024, with these positions maintaining positive funding rates, which is noteworthy.
However, the key question remains: how will the Fed's policy, despite interest rate cuts, impact these bullish signals for Ethereum? This could become a decisive factor for the market's direction.
Written by tugbachain
