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Bearish Signal For Ethereum: Funding Rates Hit New 2024 Lows—Is A Rally Still Possible?
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Bearish Signal For Ethereum: Funding Rates Hit New 2024 Lows—Is A Rally Still Possible?

Samuel Edyme
Samuel Edyme
8 months ago
3 mins read
Bearish Signal For Ethereum

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Ethereum, the second-largest cryptocurrency by market capitalization, is experiencing increasing bearish sentiment in its futures market, according to a recent analysis by CryptoQuant analyst ShayanBTC.

The analyst reported on the CryptoQuant QuickTake platform that Ethereum’s futures market has shown its lowest funding rates of 2024. This trend indicates that traders in the perpetual futures market are currently less optimistic about Ethereum’s short-term price movements.

Related Reading

Ethereum Sees Massive Outflows from Derivatives: What Does This Mean For ETH?

Ethereum Sees Massive Outflows from Derivatives: What Does This Mean For ETH?

8 months ago

Ethereum Declining Funding Rates And Market Implications

According to ShayanBTC, the 50-day moving average of Ethereum’s funding rates has been on a consistent downward trend, indicating a persistent bearish outlook among futures traders.

Ethereum funding rates
Ethereum funding rates. | Source: CryptoQuant

For context, funding rates in perpetual futures contracts are payments made between long and short traders based on the difference between perpetual futures and spot prices.

When funding rates are positive, it implies that long traders pay short traders, suggesting bullish sentiment. Conversely, negative funding rates mean short traders pay long traders, signaling a more bearish market stance.

In the case of Ethereum, the current negative trend in funding rates highlights a lack of buying interest in the perpetual futures market. Shayan noted:

For Ethereum to recover and reach higher price levels, demand in the perpetual futures market must increase. If the current trend of negative funding rates continues, it is likely that Ethereum will experience further price declines in the mid-term.

Is A Rally Still Possible?

The impact of these bearish funding rates has been quite evident in Ethereum’s recent performance. So far, the cryptocurrency has experienced a consistent decline, dropping by 4.9% in the past 24 hours alone.

Ethereum (ETH) price chart on TradingView
ETH price is moving downwards on the 2-hour chart. Source: ETH/USDT on TradingView.com

This decline has dragged Ethereum’s price below the $2,300 mark, compounding its losses over the past month to more than 10%. The persistent bearishness is partly attributed to the “lack of buying interest” in the futures market, as noted by the CryptoQuant analyst.

Despite the negative sentiment in the futures market, some analysts remain optimistic about Ethereum’s potential for a rebound. One such analyst, Koroush AK, expressed a more positive outlook, suggesting that Ethereum is due for a significant bounce.

Related Reading

Ethereum Price Pulls Back

Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction

8 months ago

Koroush pointed to higher time frames, highlighting the 100-week moving average and the key psychological support level at $2,000 as potential catalysts for a recovery. He anticipates a 10-20% bounce for Ethereum in the coming weeks despite the current market conditions.

$ETH

Ethereum due a large bounce.

Zooming out and looking at the higher time frames;

-100 week moving average
-Key psychological support ($2000)

Expecting a 10-20% bounce over next few weeks. pic.twitter.com/THPPc99oMf

— Koroush AK (@KoroushAK) September 16, 2024

Notably, while negative funding rates often reflect a bearish market sentiment, they can also be early indicators of potential market recovery. Negative rates can result in short liquidation cascades, where short positions are forced to close, leading to a sharp price reversal.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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