Several Ethereum key metrics are witnessing a positive sentiment following a renewed upward momentum in the digital asset’s price. Favorable macroeconomic and market conditions are believed to have bolstered the uptrend in ETH’s price and market dynamics, reflecting the potential for more price growth.

Bullish Sentiment Building For Ethereum

Amidst improving conditions, an encouraging trend has been spotted in Ethereum’s recent market dynamics. Recent data shows that ETH’s funding rates have experienced a notable uptick, signaling growing optimism among investors and traders.

Market expert and host of the Crypto Banter Show Kyle Doops reported the positive development on the X platform as the altcoin approaches a critical price breakout. The rise in funding rates reveals an increase in demand for leveraged long positions, indicating that market players might be preparing for a possible upward surge.

Ethereum funding rates uptick comes as ETH gears up for a breakout above the critical $3,500 level. This impending move is bolstered by growing sentiment after Donald Trump’s inauguration into the White House as the new US President, which took place on Monday.

ETH’s encouraging technical setup coinciding with rising bullish sentiment points to a possible breach of this resistance level in the short term. A br

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Author: Godspower Owie