In November alone, analysts have given notable predictions on Ethereum price (ETH), the only altcoin with an exchange-traded fund (ETF). This time, CryptoQuant, a leading on-chain data platform, shared insights on a possible bullish trend for ETH.
What Funding Rates and Market Sentiment Reveal
In a post on X, CryptoQuant highlighted a statement by ShayanBTC reinforcing the likelihood of an impending upsurge in price.
The indicating signal lies in Ethereum’s recent price uptick and the increasing funding rates in the market.
Ethereum’s ongoing market rally triggered investors’ optimism after ETH’s price breached the $3,600 resistance level. The altcoin’s performance has even raised hopes for a new all-time high (ATH) by the end of 2024.
Ethereum’s funding rate, a key metric that reflects sentiment in the futures market, has risen significantly in recent weeks.
This positive funding rate suggests investors remain hopeful about ETH’s future price movement. Despite the funding rate indicating soaring demand for long positions, they have not reached their level when ETH hit its ATH of almost $4,900.
Notably, this implies that Ethereum remains on a bullish path. The market has yet to enter an overheated or unsustainable state. Based on precedence, funding rates spike occur before sudden market corrections.
This usually triggers high price volatility. However, analysts predict the potential for further growth exists as the metrics signal traders’ optimism is yet to peak.
Ethereum’s Social Media Buzz and Price Outlook
Another significant factor adding to the bullish momentum involves the rising profile of Ethereum in social media discussions.
As noted by “Kate The Alt,” an altcoin analyst, within the past three days, the mention of Ethereum has soared by 282% on X alone. This hints at heightened interest in ETH’s performance.
Usually, such an increase occurs when major announcements of events like network upgrades are in the works. However, in this case, the trigger remains the current price outlook.
Many investors and traders anticipate that these positive market sentiments will drive prices up to new levels.
Interestingly, some analysts, based on technical indicators, have bet on ETH potentially climbing to $6,000. To stay safe, they have pegged the $2,700 level as critical support in case of a pullback.
Their analysis maintains that ETH might experience some corrections at certain resistance levels. However, the overall conclusion remains bullish in the long term.
As of this writing, Ethereum price was trading at $3,581.76. This is after the altcoin crashed from $3,685 to a low of $3,538 during the day’s trading. ETH appears to have found its rebound path with its current price, and investors hope the momentum will remain.
The only concern is that market volume has dropped by 4.92% to $38.06 Billion.
Can ETH Record Another All-Time High?
These metrics raise concerns about the ability of Ethereum to match earlier predictions and set a new ATH.
Three years ago, ETH set an ATH of $4,724.31 shortly after the Altair upgrade on Beacon Chain. Ever since, despite several upgrades, Ethereum has not tested such price height, with $4,000 proving a critical resistance level.
However, as previously reported by The Coin Republic, market analyst CryptoYoddha believes Ethereum’s price could reach $10,000 in this current cycle.
The analyst’s chart shows that ETH appears to be on a breakout point with resistance checkpoints of $5,000 and $6,000.
