Ethereum shows signs of growth, reaching key price levels. This article discusses trader activity, funding, and price expectations for this cryptocurrency.
Trader Activity in Ethereum
According to Glassnode data, Ethereum's open interest has surpassed $58 billion, the highest this year. Ethereum's market share in futures contracts has approached 40%, while Bitcoin's has dropped to 53%. This shift signals traders expect Ethereum to yield higher returns than Bitcoin in the short term.
Low Funding Rates Confirm Real Demand
Despite the active trading, the funding rate for Ethereum remains low at 0.0091%. This indicates that the rally isn't based on speculations and leveraged positions; the market shows healthy demand, pointing to the possibility of further growth.
Price Analysis of Ethereum and Resistance Levels
Ethereum is currently trading in the $3,900–$4,000 range, a significant resistance zone. A breakout above $4,000 could lead to a quick target of $4,200–$4,300. However, if Ethereum fails to break the $4,000 level soon, a pullback towards the $3,750 support level may occur.
The situation in the Ethereum market indicates a strong movement of traders from Bitcoin to ETH. Open interest and funding levels confirm that Ethereum may become the primary cryptocurrency in the near future.
