Ethereum’s price has been violently breaking past resistance levels during the recent surge. However, for the long-term trend to be considered bullish, one obstacle still needs to be overcome.
The market is presently on track to test the upper trendline of the channel, and should a bullish breakout occur, Ethereum is likely to trade above $2,000 once again in the near future.A closer examination of the 4-hour chart presents a more intricate scenario. While the price has managed to break and subsequently retest the $1,750 support level, it is encountering challenges in advancing further.
Ethereum’s price has been rallying aggressively over the past few days, running toward the $2,000 key level. It is wise to analyze the futures market sentiment and determine whether this rally would be sustained. Evidently, the funding rates have been positive for some time now, which is positive as it shows traders are aggressively buying. However, the metric has spiked massively in recent days.
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Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Cointelegraph - 🏆 562. / 51 Read more »