increase in trading volume<\/a> may be a result of the surge in buying pressure and selling pressure ongoing in the Ethereum market.<\/p>\nFeatured image created with DALL-E. Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum has undoubtedly been under pressure despite the recent bullish rally in the broader cryptocurrency market as it struggles to make any major upside move. A recent analysis by ShayanBTC, a contributor to the CryptoQuant QuickTake platform, has shed light on key factors impacting Ethereum’s performance. In a post titled “Ethereum Faces Crossroads: Funding Rates and $3K Support Key to Sustaining Bullish Momentum,” Shayan highlights the asset’s struggles to maintain its upward trajectory. Related Reading: Ethereum Downswing To $2,900 Could Be A \u2018Buy-The-Dip Opportunity\u2019 \u2013 Analyst Expects Bullish Surge Funding Rates And The Importance Of The $3K Support Level According to Shayan, Ethereum\u2019s bullish momentum has been significantly challenged by fluctuations in Funding Rates, a key indicator of demand in the derivatives market. While these rates initially rose during the recent rally in the crypto market, signaling growing confidence, there was a subsequent decline after Ethereum was rejected at the $4,000 resistance level suggesting reduced trader interest and commitment. Notably, the spike in Funding Rates during the rally pointed to cautious optimism among traders. However, the sharp decline in these rates afterward highlights a waning demand for Ethereum in the derivatives market. This shift raises concerns about the sustainability of the bullish trend, particularly in light of Ethereum\u2019s inability to breach the $4,000 resistance. The $3,000 support level has emerged as a pivotal threshold for Ethereum. Shayan emphasized that maintaining this level is crucial for stabilizing the market and potentially reigniting bullish momentum. A failure to hold above $3,000 could trigger increased selling pressure, leading to a deeper market correction. The analyst wrote: Overall, Ethereum\u2019s outlook depends on reclaiming higher Funding Rates and defending $3K. These factors will determine whether the market resumes its uptrend or faces further corrections. Ethereum Market Performance Meanwhile, Ethereum has continued to demonstrate downward movements, especially as the broader market has recently turned bearish. Over the past week, Ethereum’s market value has dropped by 6.2% bringing its price below $3,500. However, over the past day, there has been a slight uptick in ETH’s price as the asset records a 0.9% increase. This slight increase has pushed ETH’s price to hover above $3,200 at the time of writing marking a 33.9% decrease away from its all-time high of $4,878 recorded in November 2021. Related Reading: Ethereum: Analyst Says $7,000 Target \u2018Is Looming\u2019 As Price Retests Crucial Level Interestingly, despite the descent in ETH’s price in the past week, the asset’s daily trading volume has faced an opposite trend over the same period. Particularly, ETH’s daily trading volume has moved from $20 billion last Friday to now sitting at above $26 billion as of today. Given the current trend in ETH, it is worth noting that this increase in trading volume may be a result of the surge in buying pressure and selling pressure ongoing in the Ethereum market. Featured image created with DALL-E. Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":673829,"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":[134,6664,10923,8323,1946,91844,78803],"class_list":["post-673808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto","tag-crypto-market","tag-eth","tag-ethereum","tag-ethereum-market","tag-ethusdt"],"acf":[],"yoast_head":"\n
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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. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Faces Crucial Test As Funding Rates Decline And $3K Level 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