{"id":576930,"date":"2024-02-27T03:00:06","date_gmt":"2024-02-27T03:00:06","guid":{"rendered":"https:\/\/ktsl888.com\/?p=576930"},"modified":"2024-02-26T15:32:01","modified_gmt":"2024-02-26T15:32:01","slug":"ethereum-leaves-bitcoin-behind-rally-sustainable","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-leaves-bitcoin-behind-rally-sustainable\/","title":{"rendered":"Ethereum Leaves Bitcoin Behind, But Is This Rally Sustainable?"},"content":{"rendered":"

Ethereum has left Bitcoin in the dust with its latest rally towards $3,100. Here’s whether this run is sustainable based on futures market data.<\/p>\n

Ethereum Has Separated From Bitcoin With Over 7% Jump In Past Week<\/h2>\n

While Bitcoin has been in consolidation lately, Ethereum appears to have been putting together bullish momentum<\/a> entirely of its own, as the asset has jumped more than 7% in the past week.<\/p>\n

Related Reading: XRP Forms Buy Signal, Analyst Predicts Surge To This Target<\/a><\/div>\n

The chart below shows how ETH has performed during the last month.<\/p>\n

\"Ethereum<\/p>\n

The price of the coin seems to have been climbing recently | Source: ETHUSD on TradingView<\/a><\/pre>\n
In the last 24 hours, Ethereum reached a peak of $3,130 level, a mark it only reached for the first time since the first half of April 2022. Since then, the coin has come down a bit, as it now floats around $3,100.<\/p>\n
Nonetheless, despite this small retrace, ETH has still performed notably better than the original cryptocurrency. Now, the asset’s investors might be wondering if the coin could continue this run. Perhaps data related to the futures market might shed some light.<\/p>\n
ETH Funding Rates Have Been At Positive Levels Recently<\/h2>\n
As pointed out by an analyst in a CryptoQuant Quicktake post<\/a>, the ETH funding rate has had positive values recently. The “funding rate<\/a>” is an indicator that keeps track of the periodic fees that traders on the futures market are exchanging between each other right now.<\/p>\n
When the value of this metric is positive, it means that the long holders are currently paying a premium to the short investors to hold onto their holdings. Such a trend implies the majority sentiment in the futures market is bullish.<\/p>\n
On the other hand, the indicator being negative implies a bearish sentiment is dominant in the sector right now as the short holders outweigh the long traders.<\/p>\n
Now, here is a chart that shows the trend in the 30-day simple moving average (SMA) of the Ethereum funding rate over the past couple of years:<\/p>\n
\"Ethereum<\/p>\n
Looks like the value of the metric has been heading up in recent days | Source: CryptoQuant<\/a><\/pre>\n
As the above graph shows, the 30-day SMA Ethereum funding rate had shot up to extremely high levels in the first half of January. Interestingly, this is when the market top due to the Bitcoin spot ETFs occurred.<\/p>\n
After the price drawdown following the event, the funding rate calmed as the longs that had piled up saw liquidation. As the recent rally in the coin has occurred, the funding rate has once again gone up.<\/p>\n
However, This time, the 30-day SMA Ethereum funding rate isn’t quite at the extreme levels it was last month. This could mean that the futures market isn’t yet too overheated.<\/p>\n
Related Reading: SingularityNET (AGIX) Rallies 128% As On-Chain Activity Heats Up<\/a><\/div>\n
Naturally, this could potentially allow for the current Ethereum rally to go on for a while still. It should be noted, though, that as the funding rates go higher, the chances of a long squeeze<\/a> taking place go up.<\/p>\n
Thus, while ETH may not be quite at the same risk as last month, a long squeeze could still be on the horizon, becoming more probable to happen as the speculators continue to open up more positions.<\/p>\n
Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ethereum has left Bitcoin in the dust with its latest rally towards $3,100. Here’s whether this run is sustainable based on futures market data. Ethereum Has Separated From Bitcoin With Over 7% Jump In Past Week While Bitcoin has been in consolidation lately, Ethereum appears to have been putting together bullish momentum entirely of its own, as the asset has jumped more than 7% in the past week. Related Reading: XRP Forms Buy Signal, Analyst Predicts Surge To This Target The chart below shows how ETH has performed during the last month. The price of the coin seems to have been climbing recently | Source: ETHUSD on TradingView In the last 24 hours, Ethereum reached a peak of $3,130 level, a mark it only reached for the first time since the first half of April 2022. Since then, the coin has come down a bit, as it now floats around $3,100. Nonetheless, despite this small retrace, ETH has still performed notably better than the original cryptocurrency. Now, the asset’s investors might be wondering if the coin could continue this run. Perhaps data related to the futures market might shed some light. ETH Funding Rates Have Been At Positive Levels Recently As pointed out by an analyst in a CryptoQuant Quicktake post, the ETH funding rate has had positive values recently. The “funding rate” is an indicator that keeps track of the periodic fees that traders on the futures market are exchanging between each other right now. When the value of this metric is positive, it means that the long holders are currently paying a premium to the short investors to hold onto their holdings. Such a trend implies the majority sentiment in the futures market is bullish. On the other hand, the indicator being negative implies a bearish sentiment is dominant in the sector right now as the short holders outweigh the long traders. Now, here is a chart that shows the trend in the 30-day simple moving average (SMA) of the Ethereum funding rate over the past couple of years: Looks like the value of the metric has been heading up in recent days | Source: CryptoQuant As the above graph shows, the 30-day SMA Ethereum funding rate had shot up to extremely high levels in the first half of January. Interestingly, this is when the market top due to the Bitcoin spot ETFs occurred. After the price drawdown following the event, the funding rate calmed as the longs that had piled up saw liquidation. As the recent rally in the coin has occurred, the funding rate has once again gone up. However, This time, the 30-day SMA Ethereum funding rate isn’t quite at the extreme levels it was last month. This could mean that the futures market isn’t yet too overheated. Related Reading: SingularityNET (AGIX) Rallies 128% As On-Chain Activity Heats Up Naturally, this could potentially allow for the current Ethereum rally to go on for a while still. It should be noted, though, that as the funding rates go higher, the chances of a long squeeze taking place go up. Thus, while ETH may not be quite at the same risk as last month, a long squeeze could still be on the horizon, becoming more probable to happen as the speculators continue to open up more positions. Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":576974,"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":[428,1119,8323,1946,86699,14990,91736,87134,86393,8686],"class_list":["post-576930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-btc","tag-eth","tag-ethereum","tag-ethereum-funding-rates","tag-ethereum-futures","tag-ethereum-futures-market","tag-ethereum-rally","tag-ethereum-surge","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum Leaves Bitcoin Behind, But Is This Rally Sustainable?<\/title>\n<meta name=\"description\" content=\"Ethereum has left Bitcoin in the dust with its latest rally towards $3,100. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Leaves Bitcoin Behind, But Is This Rally Sustainable?","url":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-leaves-bitcoin-behind-rally-sustainable\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-leaves-bitcoin-behind-rally-sustainable\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/kanchanara-Bre_5ziWvlE-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/kanchanara-Bre_5ziWvlE-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","eth","ethereum","ethereum funding rates","ethereum futures","ethereum futures market","ethereum rally","ethereum surge","ethusd"],"dateCreated":"2024-02-27T03:00:06Z","datePublished":"2024-02-27T03:00:06Z","dateModified":"2024-02-27T03:00:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Leaves Bitcoin Behind, But Is This Rally Sustainable?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-leaves-bitcoin-behind-rally-sustainable\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-leaves-bitcoin-behind-rally-sustainable\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/kanchanara-Bre_5ziWvlE-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/kanchanara-Bre_5ziWvlE-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"eth\",\"ethereum\",\"ethereum funding rates\",\"ethereum futures\",\"ethereum futures market\",\"ethereum rally\",\"ethereum surge\",\"ethusd\"],\"dateCreated\":\"2024-02-27T03:00:06Z\",\"datePublished\":\"2024-02-27T03:00:06Z\",\"dateModified\":\"2024-02-27T03:00:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/kanchanara-Bre_5ziWvlE-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/576930"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=576930"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/576930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/576974"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=576930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=576930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=576930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}