BitMEX Data Hypothesizes Ethereum (ETH) Could Experience A Draw Back In A Few Weeks

According to data provided by the cryptocurrency exchange BitMEX, the crypto market may consolidate in the near future. This is what the cryptoanalyst Rptr45 that shows that the daily funding rate on BitMEX is currently 0.34% for Ethereum (ETH) traders. This represents the 93rd percentile of all Ethereum funding rates ever.

Ethereum Could Consolidate Its Price In the Near Future

The expert explained that leverage has gotten to the point where the market needs to consolidate. He went on saying that in previous instances where BitMEX funding went that high, Ethereum performed negatively over the next 10 to 20 days.

At the time of writing this article, Ethereum is being traded around $250 and it has a market capitalization of $23.53 billion, according to data provided by CoinMarketCap.

Analysts believe that Bitcoin (BTC) and other digital assets could eventually start moving up once again in the future. The sentiment changed this year from negative to positive but after the New York Blockchain Week, it seems that investors are more cautious after a large price increase in Bitcoin during the last month.

If Bitcoin moves up once again, so other altcoins would clearly follow the same trend. That means that both Ethereum and XRP are expected to keep expanding in the market.

Magic Poop Cannon, an anonymous crypto trader, and analyst said that Bitcoin might not yet be in a bull market. This trader predicted Bitcoin to drop from $6,000 to $3,000 before this happened at the end of 2018. He explained that Bitcoin’s current rally doesn’t make sense and that the market is behaving irrationally.

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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