NewsBTC
29 November 2024
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Ethereum Price Surges Nearly 10% as Analyst Sees Growth Potential

Ethereum is experiencing a price rebound, currently the second-largest cryptocurrency by market capitalization. Its price has increased nearly 10% in the past week, leading to discussions about the potential for a new all-time high by year-end.

This uptrend is accompanied by renewed interest in Ethereum futures, indicating bullish sentiment among traders.

More Room For Growth?

CryptoQuant analyst ShayanBTC highlighted the importance of funding rates in futures trading, which reflect trader sentiment. Recent weeks have shown an uptick in Ethereum's funding rates, signaling growing demand for long positions.

Ethereum funding rates metric.

Despite the bullish outlook, current funding rates remain below previous highs, suggesting that the market has not yet reached an overheated state. However, sharp increases in funding rates could indicate potential market corrections.

Shayan believes Ethereum has more room to grow before facing critical risks.

Ethereum Market Performance And Outlook

Ethereum has posted double-digit gains of approximately 15.6% over the past two weeks, breaking through the $3,500 resistance level and targeting $4,000 next. Currently, Ethereum is trading at $3,563, reflecting a 1.3% increase in the last 24 hours but down from a high of $3,682.

Ethereum's price is 26.78% below its all-time high of $4,878, indicating gradual recovery within the market.

Coinglass data reveals that in the last 24 hours, 98,389 traders were liquidated, totaling $278.03 million, with Ethereum accounting for about $63.33 million of this total. Liquidations included $40 million from short positions and $23.3 million from long positions.

Crypto total liquidations.

Analyst Ali on X reiterated a mid-term target of $6,000 and a long-term target of $10,000 for Ethereum.

Featured image created with DALL-E, Chart from TradingView