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Ethereum has several prerequisites for growth to $3,000.
Ethereum is still trading below the $2,000 mark, having fallen by 3.5% over the past 24 hours. During the day, intraday trading volumes decreased by 27.14% to $20.96 billion.
Such a sharp decline in this indicator usually points to the possible end of panic selling that has dominated the market in recent weeks. There are many signs that Ethereum has reached a bottom and a rebound is possible.
In particular, large investors are returning to leveraged trading. One large investor opened a long ETH position worth $80 million with 20x leverage. Despite the fact that this investor is currently at a loss of more than $1 million, his liquidation price is quite low — $1,200. This means the “whale” is confident that this level is unlikely to be reached in the short term and that he will be able to profit well after the market recovers.
Another sign that the leading altcoin has reached a bottom is the fact that funding rates for leveraged positions have turned negative. This usually means that short sellers are paying long buyers to keep their positions open.
Historically, negative funding rates often precede a “short squeeze.” In this case, this may be an early sign of an unexpected rally that could lift Ethereum’s price to $3,000 in a short time.
See also: "Large cryptocurrency holders have begun buying bitcoins."
