The key to this analysis<\/a> lies in the 30-day moving average of Ethereum’s funding rates, which has started to show a slight bullish trend after a period of decline.<\/p>\n The funding rate in perpetual futures contracts is a crucial indicator that helps identify whether market participants are predominantly buying or selling Ethereum.<\/p>\n A positive funding rate signals more aggressive buying activity<\/a>, whereas a negative rate suggests that sellers are in control. Shayan notes that Ethereum\u2019s funding rates have recently experienced an uptick, reflecting an increase in buyer activity, which has coincided with a broader market rebound.<\/p>\n This development suggests that the market sentiment toward Ethereum may shift toward a more bullish outlook, potentially setting the stage for further price increases. Shayan noted:<\/p>\n Recently, the 30-day moving average of ETH funding rates has shown a slight bullish shift after a prolonged period of decline. This shift has coincided with a broader market rebound and an uptick in Ethereum’s price, suggesting a possible change in market sentiment.<\/p>\n<\/blockquote>\n Shayan highlights this change as an early indication of a potential price recovery for Ethereum. According to the analyst, for Ethereum to maintain its upward momentum, the funding rates will need to stay in positive territory, reflecting sustained demand<\/a> in the futures market.<\/p>\n However, should funding rates reverse and turn negative again, this could signal a pause or even a reversal in Ethereum\u2019s price growth.<\/p>\n So far, Ethereum has struggled to make any further significant move<\/a> since it recently reclaimed the $2,600 mark. Although the asset has fallen below this price mark today, ETH has increased by more than 10% in the past week.<\/p>\n With its current market performance now trading for $2,589, at the time of writing, it is evident that Ethereum is yet to reflect the bullish momentum suggested by its perpetual market.<\/p>\n Regardless, given that ETH has broken above the $2,100, analysts such as Crypto Patel have suggested<\/a> further upward move <\/a>for the asset. According to Patel, a break above this level makes the next target $5,500 to $6,000.<\/p>\n $ETH<\/a> Chart Update<\/p>\n Next Target: $5500-$6000Futures Market Suggests Ethereum\u2019s Price Breakout Is Near<\/h2>\n
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![\"Ethereum](\"https:\/\/i0.wp.com\/img.cryptoquant.com\/200133\/quicktake\/woBtqpnT_4c2f669ea377c43fb4fae4a1fd341921547d647c8adb5e192868d06337c18582.png?resize=1280%2C720&ssl=1\")
Ethereum Market Performance<\/h2>\n
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\nBest Accumulation Zone: $2500-$2100
\nLong Term Target: $8000-$10,000#Ethereum<\/a> bounced strongly from the $2100 level (channel support), and with the next resistance at $5500-$6000, I\u2019m expecting the next stop for #ETH<\/a> to be $6000 pic.twitter.com\/eLOa5pIrIN<\/a><\/p>\n