Ethereum is witnessing a significant price rebound, surpassing key resistance levels. The cryptocurrency, ranking second by market cap, has increased nearly 10% over the past week. There is growing speculation about Ethereum achieving a new all-time high by year-end.
Renewed interest in Ethereum futures suggests bullish trader sentiment, supported by rising funding rates, a crucial futures trading metric. However, funding rates are still below the peak during Ethereum’s previous high, indicating the market hasn't reached an overheated state.
Historically, sharp funding rate increases can lead to market corrections, but current levels seem manageable, suggesting potential for further growth. Ethereum’s value has climbed roughly 15.6% in two weeks, surpassing the $3,500 resistance and eyeing the $4,000 mark.
Data reveals a slight dip to $3,563, a minor drop from its earlier high of $3,682. Currently, it remains just 26.78% below its all-time high of $4,878, signaling recovery.
Despite positive indicators, there have been significant trader liquidations, with Ethereum accounting for $63.33 million in the past 24 hours. Renowned analyst Ali highlights mid-term and long-term price targets for Ethereum at $6,000 and $10,000, respectively.
