Ethereum has been on a hot trend recently, and it seems like it is about to take off. Funding rates are rising, and spot ETFs are also bringing in large amounts of money. With this momentum, the price of Ethereum may be able to return to the $3,000 mark.
Bitcoin has been rising recently, soaring from $53,800 to $64,000, an increase of more than 15%. Ethereum has also followed suit, rising from $2,220 to $2,650. Although some people still think that Ethereum's performance is not strong enough, if you look at the recent news, it is not impossible for Ethereum to hit $3,000 in the short term.
Ethereum's funding rate is a key indicator. The recent 30-day moving average funding rate has shown a small bullish trend. This indicates that market sentiment may be changing. If this optimism continues, Ethereum prices will definitely rise. On the other hand, if the 30-day moving average of the funding rate turns downward, Ethereum prices will be hindered.
Looking at the situation of spot ETFs, on September 24, the US spot Ethereum ETF had the largest single-day net inflow in the past two weeks, with an amount of up to $62.5 million. Among them, BlackRock ETHA was the largest, accounting for $59.3 million. The next day, the spot ETF still had a net inflow of $33.8 million. The situation in the past two days shows the bullish sentiment of the market, and the price of Ethereum may have to rise further.
EigenLayer’s EIGEN token will be available for trading soon. This project is a hot commodity in the crypto space and has attracted a lot of attention. The launch of EIGEN may bring big changes to the Ethereum ecosystem, especially in terms of promoting network activity and value increase of ETH re-staking.
Historically, the issuance of tokens by major projects in the ecosystem often causes a surge in the price of the native tokens of the underlying blockchain. Therefore, the start of EIGEN trading may bring a wave of buying to Ethereum, becoming an important driver of Ethereum's short-term performance.
Ethereum's gas fees have also risen sharply recently, reaching the highest level in 6 months. This shows that network activity has increased and ETH supply may face deflationary pressure. The higher the gas fee, the more user activity and smart contract interactions on the Ethereum network, and the demand for blockchain services is also growing.
Higher gas fees mean more ETH is destroyed, which could have a deflationary effect on ETH supply. This combination of increased network usage and potential supply reduction could make Ethereum’s short-term value proposition more attractive.
Finally, let's talk about Vitalik. Vitalik has been very active on X recently, which is unprecedented since January 2023. Since breaking up with his girlfriend, he has begun to concentrate on his career. He is not only active on social media, but also actively participates in various activities in the crypto community. For example, he communicated with the founder of DeFi on TOKEN 2049 and met with JJ Lin, one of the most popular singers in Asia.
These interactions indicate that Ethereum may be expanding to new groups of people and markets. Vitalik's increased participation not only revitalizes the Ethereum community, but also indicates a potential catalyst for increased interest and development within the ecosystem. Since breaking up with his girlfriend, Vitalik has focused on his career, and we should also take advantage of his success and look forward to Ethereum's good performance.
