A recent report by CryptoQuant analyst Burak Kesmeci suggests Ethereum may be on the brink of a significant price surge as its key funding rates approach crucial levels. The analyst highlighted that similar funding patterns in the past have been followed by substantial price increases, hinting at a possible repeat performance.
Ethereum’s funding rates, a critical market metric indicating the balance between long and short positions, have been low for an extended period, drawing parallels to a pre-surge phase last September. In 2023, funding rates spiked above 0.015, leading to a price rally from $1,500 to over $4,000.
Kesmeci observed that the current low funding rates could potentially signal another surge if they rise above 0.015. While Ethereum hasn’t seen major price changes recently, the asset remained within a range, failing to break above $3,000 after a high attempt in March.
Another renowned analyst, Alex Clay, suggested that Ethereum might have ended its correction phase and could begin a rally if it breaks above $2,500, following his recent analysis.
