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Live ETH/USD Chart

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Santiment reported that funding rates were displaying “familiar $ETH greed signals” and that ETH’s price dominance over BTC was “officially at its highest” point since late January. In a subsequent update, the company reported that wallets with at least 100,000 ETH had grown from 54 to 57.

It concluded that this kind of growth frequently corresponds with price increases and added that Ethereum still has room to grow. Santiment wrote, “There is strong justification that the 2 market cap can continue its rise.” 

ETH is currently trading close to $2,300 after ranging between $2,178 and $2.4K  withnn a day, reaching its highest level in ten weeks.

The price has increased by almost 9% in a single day. The asset saw a nearly 13% increase over the course of a week, comparable to the returns over a month. Additionally, trading volume increased by more than 120 percent.

Data from analyst Darkfost indicated that the market is persuaded despite the rally. He claims that since Ethereum’s February lows, investors have added about 350,000 ETH to open interest on Binance.

As a result, the exchange currently holds roughly 37% of the market, with a notional value of over $1 billion. Interestingly, funding rates on Binance have been negative despite ETH rising 35% from its February lows.

According to Darkfost, this is because the majority of the platform’s traders were shorting the market in anticipation of a correction, which the analyst concluded was an indication that “they do not believe in a potential bullish recovery.”. However, according to Darkfost, funding rates now seem to rally at about +0.01 percent.

The derivatives market may support even more upward movement if the switch continues, making things challenging for late short sellers. Ted Pillows, a trader, mentioned that $2,400 rep elsewhere.