- 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.
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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.PiCK News
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