Ethereum prices are strong at spot exchange rates, with trading prices still above the $2000 level, and multiple other factors indicate that the trend may continue.According to Kaiko's data on November 12th, not only has the ETH-BTC ratio shifted and reversed after being at a low point for a long time, but trading volume has also significantly increased
Ethereum prices are strong at spot exchange rates, with trading prices still above the $2000 level, and multiple other factors indicate that the trend may continue.
According to Kaiko's data on November 12th, not only has the ETH-BTC ratio shifted and reversed after being at a low point for a long time, but trading volume has also significantly increased. The funding rate of cryptocurrency derivatives platforms has shifted from negative to positive, indicating an increase in demand.
ETHBTC ratio
Ethereum Breaks Through $2000
As of November 13th, Ethereum has remained relatively strong, changing hands at around $2090. Although trading volume is expected to contract in the past few days after rising on November 9th, the upward trend still exists.
So far, the direct support level focused by technical analysts is still $2000, which is the high point in July 2023. On the contrary, the $2100 region marks the high point in April and is a key clearing level that optimistic bulls must break through in order to form a buying trend continuation pattern.
Ethereum prices are showing an upward trend on the daily chart
In fact, traders are optimistic. However, whether the upward trend will continue mainly depends on trader sentiment and whether existing fundamental factors may stimulate more demand, thereby pushing ETH to a new high in 2023. So far, although ETH's overall support foundation is still optimistic, unlike Bitcoin (BTC), the token is striving to break through the key resistance level recorded in the first half of 2023, which is a worrying issue.
As the capital interest rate turns positive, ETHBTC turns bullish
On the positive side, based on the ETHBTC candlestick arrangement on the daily chart, the sharp reversal of ETH's fate on November 9th may anchor the next stage of rise, marking a new shift in the trend in favor of Ethereum buyers. From the perspective of ETHBTC, Bitcoin bulls have gained the upper hand in 2023.
From a quantitative perspective, BTC has risen 33% relative to ETH, and the peak selling on October 23 pushed BTC to its highest point against the second largest value currency in 2023. However, the significant rebound on November 9th and the subsequent failure of BTC bulls to reverse losses indicate that ETH has the upper hand.
So far, against the backdrop of light trading volume, the bullish trend of ETHBTC prices on November 9th has swallowed up the intra column trend, which is a net profit for bullish ETH holders.
ETH financing interest rate is positive
After this surge, Kaiko pointed out that the financing interest rate of ETHUSDT currency pairs is positive, indicating an increasing demand in the cryptocurrency derivatives field. When the funds interest rate changes from negative to positive, it means that "long" traders are paying fees to "short" traders to maintain their positions. This development indicates that more traders are trading long on ETHs, and prices are expected to rise in the coming trading days.
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