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Ethereum: Indicators point to optimistic outlook despite recent correction
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On-chain indicators show a promising outlook for the Ethereum (ETH)even with performance below expectations in recent weeks. Although the asset has faced difficulty in keeping up with the momentum of the Bitcoin (BTC) following the presidential elections in the United States, data indicates a possible upward trend in the short term.
According to analysis by pseudonymous expert EgyHash, published on CryptoQuant, metrics such as funding rates and estimated leverage ratio suggest optimism among Ethereum traders.
THE estimated leverage ratio reached its recent peak, pointing to a sustained risk appetite among investors carrying out leveraged derivatives trades. Meanwhile, the financing rates are moderately positive, which indicates the dominance of long positions in ETH, without, however, reaching extreme levels that could lead to significant liquidations.
Another relevant indicator, the Korea Premium Indexwhich measures the price difference between South Korean exchanges and other regions, turned positive again, indicating growing interest in Ethereum in the Asian market.
Korean premium and institutional interest increase confidence in Ethereum
Furthermore, the Ethereum funds have recorded constant increases in their reserves. This movement is reflected in the Ethereum ETF market in the United States, which has accumulated significant inflows in seven of the last nine trading days.
Institutional investors and large ETH holders, known as whalescontinue to accumulate the asset. At the moment, 57% of the total Ethereum supply is concentrated in the hands of these investorsan all-time high, even amid the recent market correction.
These factors, according to EgyHash, demonstrate cContinuing confidence among institutional and retail investors.
Data from CoinGecko shows that the Ethereum is trading at $3,344with a weekly drop of more than 17%. But in the last 24 hours the cryptocurrency registers a slight recovery of 0.7%.
Ethereum: Indicators point to optimistic outlook despite recent correction
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Ethereum: Indicators point to optimistic outlook despite recent correction
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Ethereum: Indicators point to optimistic outlook despite recent correction
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Ethereum: Indicators point to optimistic outlook despite recent correction
