Summary
- Ethereum (ETH) has recently shown bullish momentum by surpassing $3,500 on the daily chart.
- The Relative Strength Index (RSI) exceeds 50%, maintaining an uptrend, but the decline in the perpetual futures funding rate suggests a cooling of investment sentiment in the futures market.
- Regardless of changes in investment sentiment, if spot market demand continues, further rallies could be possible in the coming weeks.
On the 6th (local time), the cryptocurrency media CryptoPotato reported that "Ethereum (ETH) has surpassed $3,500 on the daily chart, with the potential to rise to $4,000 in the short term."
It continued, "The Relative Strength Index (RSI) also exceeds 50%, indicating that momentum has turned bullish again," and analyzed, "However, the perpetual futures funding rate for ETH has declined over the past few weeks, showing a cooling in futures investment sentiment."
Additionally, it added, "If the spot market demand is sufficiently supported, the rally could continue for the next few weeks."
Meanwhile, ETH is trading at $3,694.09, up 2.01% from the previous day, based on the Binance Tether (USDT) market as of 00:21 on the 7th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
