{"id":642409,"date":"2024-09-17T09:30:21","date_gmt":"2024-09-17T09:30:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=642409"},"modified":"2024-09-17T05:18:39","modified_gmt":"2024-09-17T05:18:39","slug":"bearish-signal-for-ethereum-funding-rates-hit-new-2024-lows-is-a-rally-still-possible","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/bearish-signal-for-ethereum-funding-rates-hit-new-2024-lows-is-a-rally-still-possible\/","title":{"rendered":"Bearish Signal For Ethereum: Funding Rates Hit New 2024 Lows\u2014Is A Rally Still Possible?"},"content":{"rendered":"

Ethereum, the second-largest cryptocurrency by market capitalization, is experiencing increasing bearish sentiment in its futures market, according to a recent analysis<\/a> by CryptoQuant analyst ShayanBTC.<\/p>\n

The analyst reported on the CryptoQuant QuickTake platform that Ethereum’s futures market has shown its lowest funding rates of 2024. This trend indicates that traders in the perpetual futures market are currently less optimistic about Ethereum’s short-term price movements<\/a>.<\/p>\n

Related Reading: Ethereum Sees Massive Outflows from Derivatives: What Does This Mean For ETH?<\/a><\/div>\n

Ethereum Declining Funding Rates And Market Implications<\/h2>\n

According to ShayanBTC, the 50-day moving average of Ethereum\u2019s funding rates has been on a consistent downward trend, indicating a persistent bearish outlook among futures traders.<\/p>\n

\"Ethereum
Ethereum funding rates. | Source: CryptoQuant<\/figcaption><\/figure>\n

For context, funding rates in perpetual futures contracts are payments made between long and short traders based on the difference between perpetual futures and spot prices<\/a>.<\/p>\n

When funding rates are positive, it implies that long traders pay short traders, suggesting bullish sentiment. Conversely, negative funding rates mean short traders pay long traders, signaling a more bearish market stance<\/a>.<\/p>\n

In the case of Ethereum, the current negative trend in funding rates highlights a lack of buying interest in the perpetual futures market. Shayan noted:<\/p>\n

For Ethereum to recover and reach higher price levels, demand in the perpetual futures market must increase. If the current trend of negative funding rates continues, it is likely that Ethereum will experience further price declines in the mid-term.<\/p><\/blockquote>\n

Is A Rally Still Possible?<\/h2>\n

The impact of these bearish funding rates has been quite evident in Ethereum’s recent performance. So far, the cryptocurrency has experienced a consistent decline, dropping by 4.9% in the past 24 hours alone.<\/p>\n

\"Ethereum
ETH price is moving downwards on the 2-hour chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

This decline has dragged Ethereum’s price below the $2,300 mark, compounding its losses over the past month to more than 10%. The persistent bearishness<\/a> is partly attributed to the “lack of buying interest” in the futures market, as noted by the CryptoQuant analyst.<\/p>\n

Despite the negative sentiment in the futures market, some analysts remain optimistic about Ethereum’s potential for a rebound. One such analyst, Koroush AK, expressed<\/a> a more positive outlook, suggesting that Ethereum is due for a significant bounce<\/a>.<\/p>\n

Related Reading: Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction<\/a><\/div>\n

Koroush pointed to higher time frames, highlighting the 100-week moving average and the key psychological support level at $2,000 as potential catalysts for a recovery. He anticipates a 10-20% bounce for Ethereum in the coming weeks despite the current market conditions.<\/p>\n

\n

$ETH<\/a><\/p>\n

Ethereum due a large bounce.<\/p>\n

Zooming out and looking at the higher time frames;<\/p>\n

-100 week moving average
\n-Key psychological support ($2000)<\/p>\n

Expecting a 10-20% bounce over next few weeks. pic.twitter.com\/THPPc99oMf<\/a><\/p>\n

\u2014 Koroush AK (@KoroushAK) September 16, 2024<\/a><\/p><\/blockquote>\n

Notably, while negative funding rates often reflect a bearish market sentiment, they can also be early indicators of potential market recovery. Negative rates can result in short liquidation cascades, where short positions are forced to close, leading to a sharp price reversal.<\/p>\n

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

Ethereum, the second-largest cryptocurrency by market capitalization, is experiencing increasing bearish sentiment in its futures market, according to a recent analysis by CryptoQuant analyst ShayanBTC. The analyst reported on the CryptoQuant QuickTake platform that Ethereum’s futures market has shown its lowest funding rates of 2024. This trend indicates that traders in the perpetual futures market are currently less optimistic about Ethereum’s short-term price movements. Related Reading: Ethereum Sees Massive Outflows from Derivatives: What Does This Mean For ETH? Ethereum Declining Funding Rates And Market Implications According to ShayanBTC, the 50-day moving average of Ethereum\u2019s funding rates has been on a consistent downward trend, indicating a persistent bearish outlook among futures traders. For context, funding rates in perpetual futures contracts are payments made between long and short traders based on the difference between perpetual futures and spot prices. When funding rates are positive, it implies that long traders pay short traders, suggesting bullish sentiment. Conversely, negative funding rates mean short traders pay long traders, signaling a more bearish market stance. In the case of Ethereum, the current negative trend in funding rates highlights a lack of buying interest in the perpetual futures market. Shayan noted: For Ethereum to recover and reach higher price levels, demand in the perpetual futures market must increase. If the current trend of negative funding rates continues, it is likely that Ethereum will experience further price declines in the mid-term. Is A Rally Still Possible? The impact of these bearish funding rates has been quite evident in Ethereum’s recent performance. So far, the cryptocurrency has experienced a consistent decline, dropping by 4.9% in the past 24 hours alone. This decline has dragged Ethereum’s price below the $2,300 mark, compounding its losses over the past month to more than 10%. The persistent bearishness is partly attributed to the “lack of buying interest” in the futures market, as noted by the CryptoQuant analyst. Despite the negative sentiment in the futures market, some analysts remain optimistic about Ethereum’s potential for a rebound. One such analyst, Koroush AK, expressed a more positive outlook, suggesting that Ethereum is due for a significant bounce. Related Reading: Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction Koroush pointed to higher time frames, highlighting the 100-week moving average and the key psychological support level at $2,000 as potential catalysts for a recovery. He anticipates a 10-20% bounce for Ethereum in the coming weeks despite the current market conditions. $ETH Ethereum due a large bounce. Zooming out and looking at the higher time frames; -100 week moving average -Key psychological support ($2000) Expecting a 10-20% bounce over next few weeks. pic.twitter.com\/THPPc99oMf \u2014 Koroush AK (@KoroushAK) September 16, 2024 Notably, while negative funding rates often reflect a bearish market sentiment, they can also be early indicators of potential market recovery. Negative rates can result in short liquidation cascades, where short positions are forced to close, leading to a sharp price reversal. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":642411,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[136,6664,83531,8323,1946,10336,91844,78803],"class_list":["post-642409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin-market","tag-crypto","tag-cryptoquant","tag-eth","tag-ethereum","tag-ethereum-analysis","tag-ethereum-market","tag-ethusdt"],"acf":[],"yoast_head":"\nBearish Signal For Ethereum: Funding Rates Hit New 2024 Lows\u2014Is A Rally Still Possible?<\/title>\n<meta name=\"description\" content=\"Ethereum, the second-largest cryptocurrency by market capitalization, is experiencing increasing bearish sentiment in its futures...\" \/>\n<meta name=\"robots\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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