Key Points
- The ETH/BTC pair has reached its lowest point since 2021, prompting investors to accumulate Ethereum.
- Derivative traders are favoring long positions, indicating a bullish outlook for Ethereum.
The ETH/BTC pair, representing the value of one Ethereum (ETH) in terms of Bitcoin (BTC), has hit its lowest level since 2021.
This has led to increased accumulation of ETH by investors, especially from Korea and the U.S.
Ethereum’s Market Position
Despite a recent 2.15% drop, Ethereum has maintained a position above the $3,000 mark for the past month.
A modest 0.19% uptick in recent trading suggests a shift in market sentiment.
Investors are viewing the current price movement as an opportunity to buy, given the perceived price dip.
The recent drop in the ETH/BTC pair has not deterred investors from accumulating Ethereum.
The Korean Premium Index and Coinbase Premium Index, both tracking price differences between exchanges, indicate strong buying pressure.
Derivative Traders’ Outlook
Data on derivative traders in the Ethereum market reveal a bullish outlook.
The Funding Rate, which reflects the balance between long and short positions in Futures markets, currently favors long positions.
This suggests that traders expect Ethereum’s price to rise from its current level.
The Taker Buy/Sell Ratio, which measures the volume of buy orders versus sell orders, has surpassed 1, indicating strong buying activity.
These trends could potentially drive Ethereum to higher levels, reinforcing the bullish sentiment in the market.