Ethereum price followed in the footsteps of Bitcoin and rose to trade above $2,000 in the past month.
Ethereum price trading at $2,050 slid slightly over the past two days, still maintaining gains on a weekly basis. ETH funding rate is presently at a yearly high, which suggests the market is overheated and could correct. At the moment, nearly 75% of all ETH holders are in profit, which historically has resulted in profit-taking, bolstering the projected outcome of ETH.
This would push ETH beyond the $2,124 mark, invalidating the bearish thesis and sending Ethereum price to tag the resistance level at $2,296. The chances of a reversal are high High funding rates generally signal that traders are holding more long positions than short positions and expecting a price rise. However, sustained high rates point to overheated markets, which usually are followed by slight corrections in price.
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