Deniz 
With Ethereum ($ETH) not exception, the crypto market has been showing a general mixed attitude. According to well-known CryptoQuant analyst ShayanBTC, the Ethereum futures market is showing signs of significant pessimism since the financing rates show the lowest levels in the case of a 50-day moving average during this year. The analyst presented an analytical report to go over the present situation.
ShayanBTC pointed out that the traders’ posture in the perpetual futures market is mostly shown by the bottom of the financing rates. In this sense, it begs various questions about the $ETH short-term price trend. In the market of perpetual futures, traders use financing rates to balance the demand between short and long holdings. Rising rates of funding point to traders trying to keep long positions.
Conversely, decreased financing rates allude to the traders’ active migration toward short positions. Under such circumstances, many gamble on the price declining. The current pattern, in which financing rates are declining, indicates the predominance of short sellers on the market. Apart from this, buyers show the least desire to face the relevant pressure.
The 50-day moving average of Ethereum about funding rates helps to balance the short-term swings and offers a larger perspective. For some weeks, it has been progressively sinking; 2024 marks the lowest points. This ongoing pattern emphasizes the strong bearish attitude in the market. Apparently only a small number of traders are ready to use the market orders to create purchase orders.
Ethereum has therefore experienced constant downward pressure as the prices are fervently seeking support. Regarding Ethereum’s recovery, the demand for the perpetual futures has to rise. Such a development would indicate a fresh buying enthusiasm. Should this reversal fail, the price of ETH could perhaps experience additional falls.
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