Ethereum's recent technical indicators show a bullish trend, and rising funding rates and net inflows from spot ETFs may push prices back to $3,000.
In the past few weeks, Bitcoin has rebounded from $53,800 to $64,000, an increase of more than 15%; Ethereum has also shown a similar trend, rising from $2,220 to $2,650. Despite this, some investors are still not satisfied with the performance of Ethereum, but some recent news shows that Ethereum may hit $3,000 in the short term.
Ethereum Funding Rate Surge
Perpetual contracts have always played an important role in driving the price trend of coins, so the 30-day moving average funding rate of Ethereum is a key indicator. After a long period of decline, the 30-day moving average of Ethereum funding rate has shown a slight bullish trend, indicating that market sentiment may change. If this optimistic sentiment can continue, it is expected to drive the price of Ethereum up; on the contrary, if the 30-day moving average of the funding rate shows a trend reversal, the price of Ethereum will be hindered.
Ethereum spot ETF net inflows
On September 24, the US spot Ethereum ETF saw the largest single-day net inflow in nearly two weeks, reaching $62.5 million; of which BlackRock ETHA accounted for $59.3 million of the total share, with a dominant market strength. The next day (9/25), the spot ETF also showed net inflows again, reaching $33.8 million. The Ethereum spot ETF in the past two days also shows the bullish sentiment of the market, which may indicate the upward space of future prices.
EigenLayer’s EIGEN token will soon start trading
On September 30, EigenLayer, a highly anticipated project in the crypto space, will begin trading its EIGEN token. This is expected to have a significant impact on the Ethereum ecosystem, given the attention the project has attracted since its launch. The introduction of EIGEN could be a factor in reviving interest in Ethereum, especially in terms of driving network activity and value increases in ETH re-staking.
Historical trends show that the issuance of tokens by major projects in the ecosystem is usually related to the price appreciation of the native tokens of their underlying blockchains. Therefore, we have reason to believe that the start of EIGEN trading will bring buying of Ethereum and become an important catalyst for Ethereum's short-term performance.
Ethereum gas fees hit 6-month high
Ethereum gas fees have been on a sustained upward trend since September 16. This surge is an important indicator of increased network activity and possible deflationary pressure on ETH supply. Higher gas fees indicate an increase in user activity and smart contract interactions on the Ethereum network, reflecting an increase in demand for blockchain services.
Higher gas fees mean more ETH is destroyed, which could be deflationary for ETH supply. This combination of increased network usage and potential supply reduction could have a positive impact on Ethereum’s short-term value proposition.
Vitalik is back in action
Vitalik has been more active on X than at any time since January 2023, demonstrating his renewed focus and commitment to ETH. His presence is not limited to social media — it’s a sign of his active involvement in the crypto community.
Vitalik has been spotted interacting with DeFi founders at TOKEN 2049 and recently met with JJ Lin, one of Asia’s most popular singers.
The latter interactions, in particular, suggest Ethereum’s potential expansion into new populations and markets. Vitalik’s increased involvement not only reinvigorates the Ethereum community, but also signals a potential catalyst for increased interest and development within the ecosystem.
Since breaking up with my girlfriend, I have started to concentrate on my career.
Pressure level: 2800, 3000
Support levels: 2500, 2300
