The Ethereum market is still recording several bullish metrics despite previous difficulties and the recent sustained decline.
Ethereum‘s price wars in recent years are well documented as underperforming Bitcoin And Solana In 2023, they failed to repeat their run to new all-time highs in 2024. Despite these difficulties and a recent price correction, a report from CryptoQuant suggests that key metrics continue to paint a bullish outlook for the altcoin.
Is there a bullish Ethereum storm brewing?
Over the past week, the price of Ethereum has fallen by around 19% from highs around the $4,100 mark and is at around $3,300 at the time of writing, reflecting a market collapse caused by the Federal Reserve’s restrictive policy change.
Nevertheless, the outlook for Ethereum remains clearly positive, at least according to it a CryptoQuant report from Monday, December 23rd. According to the report, several key Ethereum metrics continue to paint a bullish picture of the asset.
Estimated debt ratio
One of these metrics is the estimated leverage ratio. The ratio measures the balance of open positions in futures contracts on an exchange compared to their balance to determine the level of leverage in a market. It can often help investors gauge risk tolerance.
According to CryptoQuant’s report, Ethereum’s estimated leverage ratio remains near record highs at around 0.53, indicating strong risk appetite among investors.
Investors’ high risk appetite suggests that they do not intend to reduce exposure to the asset.
Funding rates
Beyond the estimated leverage ratio, funding rates were highlighted as another key Ethereum metric in the recent CryptoQuant report…
