With the FOMC meeting scheduled for next week, traders are expected to experience volatility. However, Ethereum is already experiencing price rebounds as it slipped by 2.2% on the daily chart. At press time, ETH was trading at $1,715 having lost the $1,700 support earlier on.about important events during this crucial Merge week. Firstly, the study discussed the changing patterns of BTC and ETH perpetual futures funding rates over the weekend.
“As BTC funding rates flipped positive, ETH funding rates dipped to their most negative since July 2021.” It is claimed that this difference is majorly affected by the upcoming Ethereum Merge. This has caused investors to reduce risk exposure to ETH by going short perpetual futures. This is also the reason why ETH funding rates have been negative for over a month now.The study also observed a trend reversal across the three largest staked Ether tokens: stETH from Lido, cbETH from Coinbase, and bETH from Binance.
According to Kaiko, cbETH is the “most heavily discounted” among the three. However, it has managed to show an increment as of 12 September rising from 0.915 to just above 0.94. As for the other two, we could see an improvement in discounts.This puts Ethereum in a considerably strong position as it approaches the Merge this week. However, there is a need for traders to remain cautious in terms of risk exposure to the event as showcased by the price fall today .
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