ETH just pushed above $4.2K, but funding is still sitting flat around zero.
That’s a big contrast to past bull runs (2020–21, early 2024) when funding spiked above 0.05–0.10 and overheated longs quickly led to sharp corrections.
Right now the move looks spot-driven rather than leverage-driven, which makes the rally feel healthier. As long as funding stays calm, there’s less risk of a forced flush.
But if funding suddenly jumps > 0.05, that’s the level I’ll be watching for potential short-term top signals.
TL;DR: ETH > $4K with quiet funding = healthy. Watch for funding spikes as the next warning sign.
Written by 우민규 Woominkyu
