Ethereum has held steady for seven weeks with neutral funding rates and stable open interest, signaling strong market positioning.
ETH short positions hit all-time highs, echoing past setups where price surged significantly within a short timeframe.
On-chain signals, Coinbase movement, and ETF inflows suggest Ethereum may soon break out of consolidation to the upside.
Ethereum (ETH) is currently 3 priced at $2,456.52 after a 1.18% rise in the past 24 hours. Over the last seven days, ETH has gained 8.68%, as market observers monitor early signs of a potential breakout after weeks of sideways movement.
Analysts See Bullish Patterns Amid Institutional Momentum
Market analyst BitBull noted that Ethereum’s overall metrics remain stable. “Everything looks normal for $ETH. OI is still the same it was a few days ago,” he stated. He added that the funding rate remains in neutral territory, suggesting an absence of extreme leverage in either direction.
BitBull also pointed to a broader shift in demand. Both ETH and BTC, he said, are "slowly becoming an institutional asset," with reduced spot market interest from retail investors. Despite this, he sees a likely breakout ahead, noting factors such as staking approval discussions, increased Coinbase activity, and ETF inflows as upward drivers.
Crypto Lord echoed similar optimism, noting that short positions on Ethereum are now at all-time highs. According to him, “Last time it happened, ETH went up 120% in 4 weeks.” This perspective is based on historical patterns where heavy short interest has preceded strong price rallies.
Historical Patterns Reinforce Bullish Sentiment
BitBull also drew parallels to Ethereum's price action in 2019. He explained that a fakeout during a consolidation period at the time led to a large price increase. Recently, ETH dipped below $2,200, which he described as another potential fakeout. Since that move, ETH has recovered and reclaimed key support levels.
This recovery is viewed as a possible early signal of a bullish phase. ETH has been trading sideways for nearly seven weeks, a pattern some see as similar to previous breakout setups. BitBull remains confident that Ethereum could soon move higher, especially with Q3 underway.
Current Metrics Signal Steady Growth
The 24-hour trading volume for Ethereum stands at $6.22 billion, reflecting renewed interest and consistent liquidity. While price increases have remained moderate, the 8.68% gain over the past week suggests growing accumulation.
With Ethereum maintaining a strong foundation and market watchers referencing historical similarities, expectations of an upward breakout continue to build within the crypto community.
The post ETH Steadies with Neutral Funding as Spot Demand Fades and Breakout Looms appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
