Ethereum is steady at press time, as is visible in the daily chart. Even though prices are floating above $2,500, ETH bulls are still weak. The coin remains inside the bear bar of August 27, technically inside a bear formation.
From price action, it would take effort for bulls to take charge in the short term. A convincing high volume close above $3,500 would signal a rapid trend shift beneficial for holders.
Will Ethereum Bears Press On? Traders Monitoring This Reading
Before then, one analyst thinks the short to medium term projection for the second most valuable coin is bearish. In an analysis, citing CryptoQuant data, the analyst said over the last few months, the funding rate in Ethereum perpetuals across exchanges like Binance and OKX has been positive but falling.
Through perpetual platforms, Ethereum traders can place positions using leverage, essentially borrowing from the exchange. The more leverage they have, the more they have to borrow, narrowing their safety
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