Ethereum’s recent surge towards $3,270 marks a significant milestone not reached since April 2022. It is evident that Ethereum has shown bullishness. Ethereum price surged by 10% over the last week.
Currently, Ethereum’s price is at $3,216.10 after falling slightly from its recent high point. Nevertheless, its trading volume over the last 24 hours stands at an impressive $39.62 billion, while its market cap remains at $ 386.84 billion. Over the past day, there has been a gain of 3.56% in ETH price, reflecting continuing positive motion.
Bullish Sentiments Surrounding Ethereum’s Trajectory
Top crypto analysts have offered bullish estimates on what the price action of ETH might be in the future. Crypto analyst Rekt Capital pointed out an Ethereum milestone as the altcoin heads towards its Monthly Close. The event is special because it would be only the second time in its history that ETH is going to have a monthly close above the critical $2791 level during the market bullish phase.
However, another crypto analyst, Trader Tardigrade, observed that ETH is currently showing very similar moves as those made in the period of 2019-2021. Not too long ago, after the MACD Golden Cross and Channel Breakout, ETH formed a long monthly candle. This argues for any potential upward movement in the coming ten months.
This was fueled even more by a Quicktake post by CryptoQuant, which stressed the dynamic uptrend of ETH during the past weeks. Most of the market players were made to look forward to the retesting of the highest limits of Ethereum. The post indicated the funding rate, representing how aggressive market orders are amongst the traders. Generally, increasing funding rates signal more bullish sentiment, and when values are negative, it shows a bearish outlook among future traders.
However, high funding rates are a reason for optimism, but it is stipulated that when they become too high, the market can face liquidation cascades and sharp price drops. So, close monitoring of such funding rates can certainly go a big way in navigating through a proper momentum in Ethereum prices. As Ethereum paves its way through this volatile terrain, speculators and investors on each edge around the globe would wonder if it could hold onto the bullish trajectory.