Ethereum’s price has recently experienced a massive spike following the news of its ETF being approved.
As the daily chart demonstrates, Ethereum’s price has been correcting in a large descending channel for the last few months. Yet, the asset finally broke the channel and the $3,600 resistance level to the upside last week, following the ETF news. Yet, as long as the RSI remains above 50%, the momentum will be in favor of a bullish continuation, and the price could break above the $4,000 mark.
This chart demonstrates the Ethereum funding rates. This metric is one of the best futures market sentiment evaluation resources. Positive values indicate bullish sentiment and negative ones are associated with a bearish atmosphere.
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