Ethereum reaches a record high, is it a precursor to ascension or just a false fire?
Currently, the funding rate on exchanges is skyrocketing, with bulls gathering, creating quite a buzz. However, whether Ethereum can continue to rise is still uncertain, but what can be confirmed is that it is definitely not at the bottom right now.
Looking at the data, last night the ETH funding rate was severely negative, and when the price was at 3700, I anticipated that the negative rate would stir up a wave of increases. Sure enough, from last night to now, ETH has surged, and the funding rate has turned positive, with those who were bearish previously becoming the “stepping stones” for this wave of market movement.
In this light, grasping the short-term entry timing for ETH and Bitcoin isn't difficult. A negative funding rate indicates that the price is at the bottom, and a rebound is highly probable; this is an opportunity that presents itself. I mentioned this to everyone last night. With the funding rate still not turning positive, I won't rush to buy at the bottom.
I need to remind everyone that a positive funding rate doesn't necessarily mean that we've reached the peak. After all, most of the time, the funding rate for cryptocurrencies is positive. So, solely relying on the funding rate to short is not very wise; this indicator is more effective for determining bottoms.
Looking back, when Bitcoin was at 120,000, I shorted at the peak, and at 116,000 I shorted three times. Who would have thought that the third time would coincide with a sudden positive news from Trump, giving the crypto market a lifeline.
Although I am not as bearish now, I still feel that the price is a bit high. I will remain calm and patiently wait for a good opportunity. Once negative funding rates or buy signals like RSI oversold MACD golden cross appear, I will take decisive action.
In the crypto world, there are plenty of opportunities, and money is endless. If you missed this wave, just wait for the next one, and don’t put too much pressure on yourself. Making money steadily is the right path!
Recently, $MYX surged 2000%, and I have personally detected movements in whale wallets on-chain again, with institutions frantically accumulating. A bigger strong coin is coming tonight! Its stretching intensity is likely to be 60% stronger than $MYX! If you want to ride this wave of immense wealth, just raise your hand below to sign up.
