2 hours ago
Ether (ETH) has been on a positive trajectory over the past week, with the network’s dynamics showing some improvement. Crypto market analysts say there is still room for growth. According to a report by CryptoQuant analyst Shayan, Ethereum futures market funding rates signal that ETH has not entered an overheated phase. Hence, the cryptocurrency may record additional gains in the coming weeks. ETH Sees Positive Momentum ETH hit a six-month high on November 28, rallying close to $3,700, a level last seen in early June. This surge to $3,680 led to an 18% weekly gain for the second-largest cryptocurrency; however, the asset had retraced to $3,540 at the time of writing, recording a measly 5% weekly gain. Shayan said ether’s rally and surge past significant resistance levels reignited investor optimism and sparked community discussions of a new all-time high by the end of the year. Interestingly, funding rates, which reflect investor sentiment in the futures market, suggest ETH could hit a new high by the end of 2024. This metric also highlights the potential for short-term risks. The spike in Ethereum funding rates reveals heightened demand for long ETH positions; however, they remain below levels recorded when ETH hit its all-time high of $4,890 three years ago. This shows that the cryptocurrency is not yet overvalued and does not face the risk of a major correction. “Historically, sharp spikes in funding rates often precede sudden market corrections or liquidation cascades, leading to periods of heightened volatility. However, the current funding rate levels imply that there is still room for further growth in both price and sentiment before such risks become critical,” Shayan stated. Ethereum Price Outlook Earlier this week, a CryptoPotato ETH price analysis report stated that ETH breaking through the resistance level of $3,500 could be the onset of a significant rally. However, the cryptocurrency still faces the possibility of continuing its consolidation phase. While ether saw a significant surge above $3,500 on Wednesday, the cryptocurrency has remained above that level since then, with a 4% plunge from $3,680. This indicates that ETH is currently consolidating. It remains to be seen if the coin will continue consolidating or move upwards, driven by flows into the U.S. spot Ethereum exchange-traded funds market. The post Ethereum Funding Rates Signal Bullish Momentum, New ETH High Soon? (CryptoQuant) appeared first on CryptoPotato .
Crypto Potato
You can visit the page to read the article.
Source: Crypto Potato
Tags :
AA News Crypto News Ethereum (ETH) Price Ethereum ETF
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Crypto Fear & Greed Index Climbs to 78, Reflecting ‘Extreme Greed’ in the Market
Crypto Market Sentiment Stays in ‘Extreme Greed’ Zone The Crypto Fear & Greed Index has risen to 78 , marking its continued presence in the “Extreme Greed” zone , as reported by Alternative on November 29, 2024 . This one-point increase from the previous day highlights an improved market sentiment, driven by various factors including volatility, momentum, and social media buzz. Understanding the Crypto Fear & Greed Index The Crypto Fear & Greed Index ranges from 0 to 100 , reflecting market sentiment: 0 to 24: Extreme Fear 25 to 49: Fear 50 to 74: Greed 75 to 100: Extreme Greed A score of 78 places the market firmly in the Extreme Greed category, indicating heightened investor optimism and strong market momentum. Factors Influencing the Index The index aggregates data from six key factors: Volatility (25%): Low volatility typically boosts market confidence, contributing to a higher index score. Market Momentum/Volume (25%): Increased trading volumes signal strong interest and activity. Social Media (15%): Positive discussions and trending topics on platforms like Twitter amplify sentiment. Surveys (15%): Polls reflecting investor sentiment contribute to the overall score. Bitcoin Dominance (10%): BTC’s market share impacts the index; rising dominance often correlates with market greed. Google Trends (10%): Increased search activity for crypto-related terms reflects growing interest. Implications of Extreme Greed Short-Term Positives Increased Investment Activity: High scores often align with bullish trends, drawing more investors into the market. Optimistic Sentiment: Positive momentum boosts confidence among traders and institutional players. Potential Risks Market Overheating: Extreme greed can precede sharp corrections as markets become overbought. Investor Overconfidence: Elevated scores may lead to impulsive decisions, heightening the risk of losses during volatility. Recent Market Trends Driving Sentiment Bitcoin and Altcoins Rally The sustained optimism coincides with Bitcoin stabilizing near $95,000 , while altcoins also display strong performance. Increased institutional interest and favorable macroeconomic conditions have fueled the rally. Increased Social Media Buzz Social media platforms are abuzz with discussions of potential new highs for cryptocurrencies, amplifying the “Extreme Greed” sentiment. What to Expect Next? For Traders Risk Management: In times of extreme greed, traders should exercise caution, employing stop-loss orders and diversification to mitigate risks. Market Timing: Overbought conditions could lead to corrections, providing potential re-entry points for savvy investors. For Investors Long-Term Perspective: While sentiment is high, focus on projects with strong fundamentals to weather potential market downturns. Caution on Leverage: Avoid over-leveraging positions, as sudden market shifts can lead to amplified losses. Conclusion: A Double-Edged Sentiment The Crypto Fear & Greed Index’s rise to 78 signals heightened enthusiasm in the crypto market, driven by strong momentum and investor confidence. However, the “Extreme Greed” reading serves as a reminder of the risks associated with overexuberant sentiment. While this period offers opportunities for growth, market participants must remain vigilant, balancing optimism with strategic planning to navigate potential volatility ahead. For more insights into market trends and sentiment analysis, check out our article on navigating crypto market psychology . Crypto Potato
Elon MAGA Solana Memecoin to Rally Over 18,000% Before Exchange Listings, While SHIB. BONK and Dogecoin Lag
Elon MAGA could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did. Elon MAGA (ELONMAGA), a new Solana memecoin that was launched today, is set to explode over 18,000% in price in the coming days. This is because ELONMAGA is set to soon be listed on numerous crypto exchanges, according to reports. This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up. Currently, Elon MAGA can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days. Early investors in SHIB and DOGE made astronomical returns, and Elon MAGA could become the next viral memecoin. Elon MAGA launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains. How to Buy To buy Elon MAGA on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask, or Phantom wallet, and swap Solana for Elon MAGA by entering its contract address – 7aemsYDqBWz1vyyDQqMwMkvSa4xgyFYVc5NnrPecL6iX – in the receiving field. If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin) from an exchange like Coinbase, Binance, and many others. In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price. If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner. The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE), and DogWifHat (WIF), trading sideways in recent weeks and losing momentum. This is why many SHIB, DOGE, and WIF investors are instead investing in new Solana memecoins, like ELONMAGA. Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price. Crypto Potato
