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Home»TRADING NEWS»Here are the key developments that could push the Ethereum price above $4,000:
TRADING NEWS

Here are the key developments that could push the Ethereum price above $4,000:

By Crypto FlexsSeptember 14, 20243 Mins Read
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Here are the key developments that could push the Ethereum price above ,000:
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Ethereum, the second-largest cryptocurrency by market cap, is trading at $2,420 after a recent rally. Ethereum is up 3.4% and 6.3% over the last 24 hours and 7 days, respectively, which has raised expectations of a long-term bullish move. As the price performance continues to unfold, several key developments are taking root, which could pave the way for Ethereum to break above $4,000 again.

Stablecoin Trading Volumes Hit New Highs

Despite the bearish sentiment that has persisted for 30 days, on-chain data shows that the Ethereum blockchain continues to see tremendous activity, especially in the stablecoin niche. The blockchain’s stablecoin trading volumes have skyrocketed in August, breaking previous all-time highs. In particular, stablecoin trading volumes reached $1.46 trillion.

The surge in stablecoin activity further solidifies Ethereum’s position as the go-to blockchain platform in the DeFi world. As stablecoin adoption continues to grow, demand for ETH tokens used to pay transaction fees could drive Ethereum yields. This increased utility could help push the price above $4,000.

Beware of the funding ratio of 0.015 points

Another key factor to watch for Ethereum right now is the funding ratio. The funding ratio is a metric that tracks the cost of holding a long or short position in the perpetual futures market. The funding ratio reflects market sentiment, with a positive funding ratio indicating that longs are paying for shorts, indicating a bullish outlook, while a negative ratio indicates a bearish trend.

According to on-chain data from CryptoQuant, the Ethereum funding rate is approaching 0.015 points. As CryptoQuant analysts point out, the Ethereum funding rate is currently hovering between 0.002 and 0.005. This movement is reminiscent of the pattern in September 2023, when the funding rate was similarly low.

While these numbers may seem modest in a typical bull market, the CryptoQuant analyst noted that this could be a calm before a major uptrend, as the funding rate could eventually surpass 0.015 in 2023, which could send Ethereum “surging from the $1,500s to the $4,000s.” If a similar event occurs, Ethereum could surge to $4,000 in the coming months.

Ethereum: Network Growth

According to Santiment, the Ethereum network has seen tremendous growth in the past week, reaching its highest level in the past four months. In addition to L2 solutions such as Optimism and Arbitrum, the platform remains the foundation for decentralized finance (DeFi) and non-fungible tokens (NFTs). This network growth has been accompanied by an increase in wallet addresses and active address creation.

At the time of writing, Ethereum is trading at $2,421. If the above factors align in Ethereum’s favor, we could see ETH continue to approach $4,000.

Featured image from StormGain, chart from TradingView

Source: NewsBTC.com

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