Ethereum’s price is yet to continue its uptrend following a rejection from the $4,000 resistance level. But the bulls are now showing signs of strength, perhaps staging a more considerable recovery.
Yet, the cryptocurrency is climbing back above the $3,000 level and the midline of the channel. If the market successfully recovers back to these levels, a breakout above the channel and a continuation toward $4,000 and even higher prices can be expected.The 4-hour chart offers a much clearer picture of recent price action. The market has barely broken through the $3,000 resistance zone and is currently testing the midline of the descending channel.
Following the recent decline in Ethereum’s price, many futures traders have been liquidated or reversed their long positions. This can be a good sign, as the futures market has seemingly cooled down. It is evident that the funding rates have significantly dropped compared to a couple of months ago. Low but positive funding rates can be interpreted as a bullish signal, as they show that while the futures market is not overheated anymore, the demand is still there, and the price can soon rally higher.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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