The global crypto market has been under tremendous pressure to get back on the bull run. Eventually, all the major cryptocurrencies are getting into the recovery stage including Bitcoin and Ethereum among others.
The leading altcoin, Ethereum has even surpassed its crucial resistance level of $1,500, and also its market cap is very close to reaching $200 billion.
When the weekly chart is considered, Ethereum has rallied beyond 40% which is leading the altcoin rally.
On the other end, as per the stats released from the on-chain data provider, Santiment, on the whole, the market sentiment over Ethereum is still negative as the trader’s belief in the currency is comparatively not that strong.
Ethereum On Profit Booking?
Meanwhile, the traders who purchased the Ethereum while it was trading for around $1,000 have made some profit. But, in the last seven days, the currency’s supply in profit has rebounded by 15%. Hence it suggests that there is a profit booking.
Additionally, Glassnode defines that nearly 7.8% of the $ETH in circulation has switched in on-chain transactions during the course of a month. The data also says that before the present price recovery, the whole $ETH supply that is in profitability was at a bottom of 41%. Now it is at 56%.
Next, when the Ethereum derivatives are considered, the funding rate is still at the bottom on almost all the exchanges. Talking about the same, Market Analyst Alex Kruger states that the quarterly futures contract is nearly nil and constant. Since $1200, the perp open interest is negative on binance binance [email protected] Centralised Exchange Followers : 0 View profile and Bitfinex, even on ftx trading ftx trading Centralised Exchange Followers : 0 View profile , and higher on OKEX.
These data indicate that the traders should not indulge in making any new positions during the present rally as the ETH price is on a bull run.
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