The Ethereum price has been trending to the downside after its successful implementation of “The Merge” and its transition to a Proof-of-Stake (PoS) consensus. Launched back in September on mainnet, ETH’s price has been losing bullish momentum since then. Related Reading: This Expert Suggests How Ripple Price Will Trend Amid Expansion In Europe At the time of writing, the Ethereum price trades at $1,298 with sideways movement during today’s trading session and a 5% loss in the last 7 days. The second cryptocurrency by the market has been following the general sentiment in the market as the nascent asset class is pushed down due to macroeconomic factors. There Is Hope For The Ethereum Price, How Long Should You Hold ETH? According to a survey conducted by Finder with 5 experts, the Ethereum price has limited bullish potential for 2022. The experts believe that this cryptocurrency will likely continue moving sideways for the rest of the year. In tandem with current macroeconomic conditions, the Ethereum price will be limited by tightened financial conditions and liquidity. Thus, ETH is likely to stay at its current levels or rise by $1,360 to $1,377 by the end of 2022. As seen below, the cryptocurrency might pick up its bullish momentum in 2023 and 2024. This would take ETH’s price from its current levels to its previous all-time high north of $4,000. After that, Ethereum’s upside trajectory will be much steeper, according to the experts with a potential to reach a new all-time high in late 2024 or in early 2025. Over the next decade, the cryptocurrency could soar to $11,700, according to the most conservative experts. Others believe the Ethereum price could climb to as much as $14,000, $23,300, and even $26,000 over the same time period. The experts believe that the U.S. Federal Reserve (Fed) and its interest rates hike program will be its biggest obstacle to future appreciation. CEO and Co-Founder of Osom Finance, Anton Altement, stands among the bullish experts. He told Finder the following: All round market pessimism driven by Fed’s actions and still locked ETH staking are the key factors holding back the price. Former should disappear by December, latter by next spring – those 2 events will unlock the next legs of the rally. Can ETH Go Lower In 2022? In that sense, the majority of experts claimed that the Ethereum price might find a bottom at around $1,000 to $900 in 2022. These might be good levels for long-term holders looking to profit for future appreciation. Related Reading: Why ApeCoin Traders Should Expect The Next Coming Days To Be Tough For APE However, the Ethereum price is likely to remain limited as long as the U.S. Federal Reserve maintains its tightening agenda. The low ETH prices are, for 48% of respondents, an opportunity to buy cryptocurrency. Senior Analyst at FxPro, Alexander Kuptsikevich said: Ethereum has found itself in an area where it receives support from long-term investors. Crypto investors may remain cautious for a few more months or a couple of quarters, but we can expect an active bull market to return as soon as next year.
Illegal gold miners will cease their operations when gold is no longer as valued as bitcoin, solving the destruction of ecosystems in the Amazon.
Bitcoin funding rates for the past two months have entered one of their worst streaks yet. During this time, there have been no positive funding rates, and the best that the market has seen has been funding rates at a neutral level. However, even now, reaching neutral levels have proved incredibly hard for funding rates, taking a deeper dive with each passing week. Funding Rates Remain Below Neutral The last time bitcoin funding rates had been in the neutral territory had been at the beginning of August. Since then, funding rates have consistently returned below neutral, with some short-term lows being recorded along the way. Funding rates on crypto exchange Binance have actually dropped to 2-month lows at this point. Additionally, the crypto exchange has now hit nine months of funding rates at or below neutral levels. Related Reading: Bearish Indicator: Bitcoin Short Exposure Surge To New All-Time High This puts the perpetual swaps at a continuously lower rate compared to spot market prices. Bitcoin traders have since been reducing their risk exposure to the digital asset, and this has come as a culmination of such wariness. Funding rates remain below neutral | Source: Arcane Research It is the most bearish that the market has been since the bull market was triggered in 2020. This even comes despite the fact that bitcoin open interest has been seeing higher levels. On Tuesday, the bitcoin funding rates sat at around 0.00% and had touched a 2-month low earlier in the week. Bitcoin Open Interest Grows Bitcoin open interest has maintained a consistent growth rate despite the funding rates taking a nosedive at each possible point. Each week has seen open interest either hit a new all-time high or come close to reaching it. The former was the case last week. BTC trading below $20,000 | Source: BTCUSD on TradingView.com This time around, open interest had a brand new all-time high of 398,075 BTC on August 29th. This is more than 2% of the total BTC circulating supply. It is up significantly from its lowest point last year of 186,158 BTC, representing a more than 110% growth in this time. Related Reading: Altcoins Outperform Bitcoin In August Rollercoaster With the open interest so high and funding rates so low, it leaves room for the possibility of a short squeeze. This unusual market has not been ignored by investors, leading them to take up more conservative positions. Bitcoin’s price has also not been encouraging. After hitting a new local high of $25,000 about a week ago, the digital asset is now struggling to hold above $20,000. Featured image from RushRadar, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…