Notably, aligning with the ongoing ETH rally is renewed interest in Ethereum futures, with market metrics pointing to a bullish sentiment among traders.<\/p>\n
More Room For Growth?<\/h2>\n
A CryptoQuant analyst known as ShayanBTC recently shared insights into the ongoing rally in Ethereum, emphasizing the role of funding rates\u2014a crucial metric in futures trading. Funding rates reflect the sentiment of traders and indicate whether the market is predominantly bullish or bearish.<\/p>\n According to Shayan, Ethereum\u2019s funding rates have seen a noticeable uptick in recent weeks, suggesting that demand for long positions is growing.<\/p>\n Despite this bullish sentiment, the analyst mentioned that funding rates remain below the peak of Ethereum\u2019s previous all-time high of $4,900, signaling that “it has not yet entered an overheated state.”<\/p>\n Meanwhile, while indicative of bullish sentiment, funding rates also act as a warning sign for potential market corrections. Historically, sharp increases in funding rates have been followed by sudden market corrections or liquidation cascades.<\/p>\n However, Shayan notes that Ethereum’s current funding rates are still manageable, implying that the market has more room to grow<\/a> before such risks become critical.<\/p>\n Ethereum is currently experiencing an upward trajectory<\/a>, posting notable double-digit gains of roughly 15.6% over the past two weeks. This bullish performance has propelled ETH to break through the critical $3,500 resistance level, setting its sights on the next major resistance<\/a> at the $4,000 mark.<\/p>\n Currently, Ethereum is trading at $3,563, reflecting a 1.3% increase in the last 24 hours. However, this price represents a slight pullback from its 24-hour high of $3,682 recorded earlier today.<\/p>\n Additionally, Ethereum\u2019s current price is just 26.78% below its all-time high of $4,878, highlighting its gradual recovery<\/a> within the market.<\/p>\n Regardless of the bullish sentiment, Coinglass data<\/a> shows that in the past 24 hours alone, 98,389 traders have been liquidated, with the total liquidations coming in at $278.03 million.<\/p>\n Out of this total amount of liquidations, Ethereum accounts for roughly $63.33 million, with $40 million of this liquidation coming from short positions and $23.3 million from long positions.<\/p>\n Amid the current price performance from Ethereum, the renowned crypto analyst known as Ali on X has reiterated<\/a> his target for ETH. Ali said the mid-term target remains $6,000 and long-term target $10,000.<\/p>\n Our mid-term target for #Ethereum<\/a> $ETH<\/a> remains $6,000… Long-term target: $10,000! https:\/\/t.co\/X4lodGGIVY<\/a> pic.twitter.com\/siQsJzelzE<\/a><\/p>\n![\"Ethereum](\"https:\/\/i0.wp.com\/img.cryptoquant.com\/200133\/quicktake\/qNYVXnFOC_59db36c81cfaead1ad4a75e8f24e15781ec558401d025a45689a25e88d3f80aa.png?resize=1280%2C720&ssl=1\")
Ethereum Market Performance And Outlook<\/h2>\n
![\"Crypto](\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-28-at-16.20.01.png?w=860&resize=860%2C458\")
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