- Ethereum established a new ATH at $4,074.99.
- This upswing continues; it could drive ETH to the 127.2% Fibonacci extension level at $4,240.
- Although a heap of ATHs, the funding rate of Ether pioneer seems to remain relatively low.
Ethereum price shows no signs of slowing down.
The 4-hour chart shows that Ether breached the previous ATH at $3,610 on May 8. The upward trajectory revealed a stable increase that drove ETH to its second ATH in May at $4,074.99.
Institutional investors appear to have relocated their sights to the intelligent contract token, as Bitcoin remains calm. The latest performance of Ether price might have swayed the retail as well. Thanks to Ethereum’s smart contracts, decentralized finance (DeFi) services have exploded over the past year.
Ether financing rates have remained relatively stable despite the recent onslaught of bulls.
At the time of writing, the funding rate for ETH stood steadily around 0.08% on Binance and while other exchanges noted less than 0.06%.
Typically, a sudden price surge will see the funding rate shift above 0.1%. However, the current funding rates instill confidence in the current upward trajectory.
If the buyers begin to book profits, Ethereum could see a 3% correction to the support level at $3,817.
Nevertheless, a breakdown of this barrier could see ETH drop another 6% to the previous local top at $3,610.
There’s also growing anticipation around Ethereum 2.0. The upgrade to Ethereum promises to be faster, cheaper, and less environmentally damaging. The current version of the Ethereum blockchain will merge with version 2.0 later this year.
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