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Ethereum Weekly Outlook: Ethereum recovers from a key support level despite macroeconomic challenges:
- Divergence in opinions on derivatives markets:
Derivatives data shows differing trader sentiments. The Ethereum (ETH) long-to-short ratio on CoinGlass reached 1.03 on Friday, approaching its highest level in a month. This ratio, which exceeds one, reflects a bullish market sentiment, with more traders betting on a price increase.
Chart of ETH long-to-short ratio. Source: CoinGlass
However, funding rates support a bearish trend. The open interest-weighted funding rate data for ETH on CoinGlass turned negative on Wednesday and remained at -0.0012% on Friday. This negative rate indicates that short positions are paying long positions, suggesting a bearish outlook.
This mix indicates hesitation among Ethereum investors and a lack of a clear trend, limiting the chances for sustainable recovery.
$ETH