While the cryptocurrency market still has energy for bullishness, Ethereum price is also trying to take advantage of it. The price has rallied over 2.4% in the past 24 hours, while it has risen 3.86 in the past week.
As a result, traders seem to be starting to feel closer to Ethereum trading. As can be seen in the image below, BTC’s OI data has been consolidating for a while, while recording a sharp decline. ETH OI data, on the other hand, has been continuing its upward trend since the second week of June. The data currently stands at $6.135 billion. This is clear evidence of new funds entering the market.
This increase in funding seems to be a clear response to the positive sentiment on the Ethereum front. Recently, BTC’s funding rate has been falling, while ETH’s has been rising. At the time of reporting, the respective ratios were 0.0085 and 0.0119.
ETH/BTC pair in daily timeframe with Ethereum currently gaining the upper hand [sağda] even started to recover. 1 ETH is currently worth 0.066 BTC. In USD terms, ETH is currently hovering around 1947 dollars.
Over the past few days, Ethereum has managed to turn two resistances into support. If ETH manages to take advantage of the current conditions, it could rise as high as 2016 dollars in the short term. From there, it will need to pass one final critical test level, around $2121, before it can surpass the 2023 high ($2138). In fact, it will eventually position itself to create a new year high. However, if the bulls hit the brakes, there is a possibility that ETH could drop as low as $1810.
You can follow the current price action here.