Ethereum has recently seen a sharp market correction, dipping below $3,500 amid a wider crypto market decline. Despite this underperformance, data from CryptoQuant indicates a potential market recovery. Analyst ShayanBTC's analysis reveals that Ethereum's futures market funding rates have stabilized and started to rise, suggesting a renewed bullish sentiment among traders.
This rise implies a higher interest in long positions, hinting that Ethereum might bounce back from the $3,000 region which could push its price towards the $4,000 resistance in the short to mid-term. Ethereum currently trades at $3,310.
The price marks a 32.2% decrease from its all-time high of $4,878, yet, its trading volume has risen to $20.6 billion, displaying increased market activity despite the price drop.
