{"id":6186,"date":"2024-09-13T06:30:00","date_gmt":"2024-09-13T06:30:00","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=6186"},"modified":"2024-09-13T06:30:00","modified_gmt":"2024-09-13T06:30:00","slug":"ethereum-to-4k-again-analyst-predicts-bull-run-as-key-metric-approaches-critical-level","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=6186","title":{"rendered":"Ethereum To $4K Again? Analyst Predicts Bull Run As Key Metric Approaches Critical Level"},"content":{"rendered":"

Ethereum appears to have now seen a notable shift in its major metric. Particularly, a recent CryptoQuant analyst, Burak Kesmeci report, highlighted<\/a> the potential significance of Ethereum\u2019s current funding rates.<\/p>\n

The analyst pointed out that similar patterns in the past have been followed by substantial price increases, suggesting that Ethereum might be on the verge of a new surge.<\/p>\n

Calm Before The Storm?<\/h2>\n

Funding rates are a key future market metric, indicating the balance between long and short positions. When the funding rate stays low for an extended period, it can signal market indecision or calm, but if the rate rises sharply, it often precedes a strong price movement<\/a>.<\/p>\n

According to the report by Kesmeci, Ethereum\u2019s funding rates have been hovering between 0.002 and 0.005, a relatively low level last seen in September 2023. The funding rate then spiked above 0.015, followed by a price rally<\/a> from $1,500 to over $4,000.<\/p>\n

The analyst further explored whether Ethereum\u2019s funding rate in September 2024 could signal a similar price movement. The current low funding rates have persisted for about a month, starting from August.<\/p>\n

This situation mirrors the period before last year\u2019s significant price surge. September and the final quarter have historically been pivotal times for crypto markets, often seeing increased trading volume<\/a> and price gains as summer ends.<\/p>\n

However, Kesmeci noted:<\/p>\n

I can\u2019t say if history will repeat itself, but there\u2019s certainly a rhythm to it. We will wait for Ether\u2019s funding rate to rise above 0.015 to see if the calm before the storm breaks. A move above this level in funding rates is crucial for tracking healthy increases during bull markets.<\/p>\n

How Is Ethereum Faring So Far?<\/h2>\n

While Ethereum hasn\u2019t seen a further decrease following its low of $2,197 last month, the asset hasn\u2019t seen a major price increase in the past weeks.<\/p>\n

Instead, ETH has continued to consolidate within a specific range. Following an attempt to create a new all-time high<\/a> back in March, trading above $4,000, ETH has seen a consistent decline ever since and has remained below $3,000 since August.<\/p>\n

So far, the asset has declined 2.7% in the past weeks and has also seen a 0.7% increase in the past 24 hours. However, the asset remains below the $3,000 mark, currently trading for $2,331 at the time of writing.<\/p>\n

According to a recent post from a renowned crypto analyst, Alex Clay, on X, ETH might have ended its correction<\/a>. Clay noted that a \u201cbreak above $2500 will confirm the beginning of the rally.\u201d<\/p>\n

#ETH<\/a>\/USD<\/p>\n

Imo we are at the end of the $ETH<\/a> correction<\/p>\n

Looking for some consolidation above the Key Zone + 200 MA & 200 EMA confluence<\/p>\n

Break above $2500 will serve a confirmation of the beginning of the rally#Ethereum<\/a> turned to be a heavy asset so $10k target is rather\u2026 pic.twitter.com\/jjGPPUHWE3<\/a><\/p>\n

\u2014 Alex Clay (@cryptclay) September 9, 2024<\/a><\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum appears to have now seen a notable shift in its major metric. Particularly, a recent CryptoQuant analyst, Burak Kesmeci report, highlighted the potential significance of Ethereum\u2019s current funding rates. The analyst pointed out that similar patterns in the past have been followed by substantial price increases, suggesting that Ethereum might be on the verge […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6186","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6186"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6186"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6186\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}