Can Ethereum Reclaim $4,000? Key Indicators Point Upwards ⋆ ZyCrypto
The post Can Ethereum Reclaim $4,000? Key Indicators Point Upwards ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Ethereum (ETH) price has dropped below multiple resistance following increased sell pressures. ETH price drop is linked to wider crypto outflows in the same time frame after Bitcoin slumped below the $100K mark. At press time, ETH trades at $3,392, a 1% gain in the last 24 hours and a huge 14% weekly decline. The drop below $3,500 sparked outflows and negative reactions from the community. However, this led to new trade positions and speculations among traders with few days to 2025. This month, Ethereum bulls market $5,000 as a price to end the year; while this looked high, a slight recovery can propel the asset in the coming days. Analyst Flags Bullish ETH Metrics Despite sell pressures, a new CryptoQuant report shows several green zone metrics for Ethereum. The asset’s funding rates are averagely positive. This becomes crucial to know the long-term sentiment in the ecosystem. Present funding rates show that the long position remains dominant on average. An extreme funding rate can spark huge liquidations in anticipation of future sell pressures. Secondly, Ethereum’s institutional fund holdings have grown in recent weeks. The move away from the narrative has ignited whales to make key accumulations, tipping a steady market inflow. Last week, ETH products bagged $51.3 million in inflows, with yearly figures soaring to $4.5 billion. Most consecutive institutional flows were on the back of its staking feature and projected altcoin rally. “…the Korea Premium Index for Ethereum, which measures the price gap between South Korean exchanges and those in other regions, has not only turned positive but is also showing a substantial premium. This shift highlights the Korean market’s growing interest in Ethereum and bodes well for overall market sentiment,” the analysts added. Advertisement   Furthermore, Ethereum’s Estimated Leverage Ratio is still at its peak,…
Filed under: News - @ December 26, 2024 8:23 am