Ether price eyes $3K as exchanges’ ETH balances drop to an all-time low
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Ethereum’s on-chain movements indicate bullish pressure building around Ether as its exchange balances reached an all-time low and
Perpetual swap traders pay funding rates on their open short or long positions, depending on the demand for the asset. When the demand for short orders surpasses the demand for long orders, shorting becomes relatively more expensive, leading traders on the short side to pay longs.
There is a chance that the price pulls back toward the bottom of the ascending triangle pattern on the ETH/USD pair to around $1,680.
Nevertheless, on-chain movements and market indicators give the upside a higher chance over a short- to medium-term bearish trend.
Bitcoin’s price action and BTC buyers’ ability to hold the $30,000 level will also play a crucial role in maintaining Ether’s bullish momentum.
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