Ethereum (ETH) has shown bullish Trends in the market, increasing by 3.79% in the last 24 hours. This positive movement follows a significant purchase of $297 million worth of ETH by the cryptocurrency exchange Bybit, which may help the asset recover its recent weekly loss of 17.84%.
- Ethereum shows bullish market tendencies.
- Bybit purchased $297 million worth of ETH.
- Exchange reserves of ETH have declined significantly.
- Derivatives market indicates bullish sentiment.
- Funding Rates suggest confidence in long positions.
- Overall ETH remains bullish despite recent hack.
Recent data indicates that Bybit has purchased a total of $297 million in ETH over two transactions. The first transaction involved the purchase of 36,893 ETH for approximately $100 million at a price of $2,711. The second transaction was significantly larger, with Bybit acquiring 71,755 ETH for around $197 million. Such large-scale buybacks often signal bullish sentiment in the market.
In addition to Bybit’s activity, the overall supply of ETH on exchanges has decreased from 19.7 million to 18.5 million since February, suggesting rising demand. However, in the last 48 hours, available ETH on exchanges increased slightly, which typically indicates bearish trends. Yet, this uptick may reflect market stabilization following a recent hack that resulted in the theft of over 490,000 ETH, valued at $1.46 billion.
The derivatives market also shows bullish signs, with funding rates and open interest increasing. The funding rate across exchanges has moved into positive territory, indicating confidence among traders. Open interest has surged by 10.33% in the past 24 hours, reaching $16.38 billion, suggesting that many traders are opening long positions in anticipation of further price increases.
Overall, despite recent setbacks, Ethereum appears to be in a bullish phase, and the developments in the derivatives market could provide further insights into its potential recovery.
In summary, Ethereum’s recent price increase, driven by significant purchases from Bybit and positive indicators from the derivatives market, suggests a potential recovery from recent losses. Continued monitoring of market trends will be essential for understanding Ethereum’s future movements.
