Ethereum is gaining momentum! Funding rate soars above 2800! Looking forward to Ethereum's good performance
Ethereum has been very popular recently, and it seems like it is about to take off.
The funding rate is rising steadily, and spot ETFs are also receiving a lot of money. With this momentum, the price of Ethereum may be able to return to the $3,000 mark.
Bitcoin has been rising recently, from $53,800 to $65,890, 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 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.
Market Forecast and Investment Strategy
Based on the current market situation and options positions, we can make some predictions about Ethereum's future trend. First, if the bulls can successfully push the price above $2,700 and hold it for a while, they will be able to realize option gains and consolidate market confidence. This is not an easy task, as the bears may launch a counterattack at any time and take advantage of market volatility to profit.
Secondly, if the price fails to reach the target level set by the bulls or even shows a downward trend, the bears will have the upper hand and may trigger panic selling in the market. In this case, the Ethereum price may fall further and test lower support levels.
Let’s look 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 $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.
Conclusion
In short, the intensity of the Ethereum long-short game reached a climax before the expiration of options this week. Both longs and shorts are going all out to compete for market dominance. Regardless of the outcome, we should recognize that uncertainty and volatility in the cryptocurrency market are inherent characteristics. While pursuing returns, we should also always pay attention to market risks and make adequate risk management preparations. Only in this way can we move forward steadily in this market full of opportunities and challenges.
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