The futures market of Ethereum (ETH) is showing signs of substantial pessimism, with funding rates reaching their lowest levels in 2024, according to ShayanBTC, a CryptoQuant analyst. The decline in funding rates indicates aggressive movement by traders towards short positions, suggesting a dominant bearish sentiment in the market. The 50-day moving average of funding rates for ETH has been consistently decreasing, highlighting the deep bearish sentiment. More purchasing interest is needed to support the recovery of Ethereum, otherwise, further price declines are expected. The current scenario reflects a lack of confidence in the market, although a turnaround is still possible.



Other News from Today