Analyst Predicts Bullish Outlook for Ethereum

Despite market corrections, Ethereum is displaying several bullish signals, indicating traders’ optimism towards the asset, writes CryptoQuant analyst EgyHash.

Ethereum’s Silent Surge: Key Metrics Turn Bullish

“These factors point to a persistent bullish outlook for Ethereum, as market participants appear ready to maintain, and potentially increase, their exposure to the asset.” – By @EgyHashX

Link ?https://t.co/biIhFoyzBd pic.twitter.com/3kfghQ7EDX

— CryptoQuant.com (@cryptoquant_com) December 23, 2024

Firstly, the leverage ratio in derivatives remains at peaks, demonstrating investors’ steady appetite for risk, noted the expert.

Secondly, Ethereum’s funding rates are moderately positive. This indicates that long positions dominate, but not to an extreme level. 

“Such a ratio suggests there is still room for healthy price growth without the imminent risk of large-scale liquidations,” believes EgyHash.

Thirdly, the Korea Premium index, which measures the price gap between South Korean and overseas exchanges, has turned positive and shows a significant premium. 

According to the analyst, this demonstrates growing interest in Ethereum in the Korean market and serves as “a good omen for overall investor sentiment.”

EgyHash also noted that asset volumes in Ethereum funds are steadily increasing, even amid market declines. This indicates sustained confidence in both the institutional and retail segments, the analyst believes.

“Collectively, these factors indicate a sustained bullish forecast for Ethereum, as market participants seem ready to maintain and potentially increase their investments in the asset,” concluded EgyHash.

Earlier, Bitwise specialists in their 2025 forecast indicated a target price of $7000 for the second-largest cryptocurrency by market capitalization.

VanEck also believes that Ethereum quotes will exceed $6000.