Breaking down Ethereum’s new price ATH | Santiment Weekly Pro Report

Profile picture
Ibis
Apr 11, 2021

Following a mid-week correction, the second largest coin has successfully rallied back to breach a new price ATH of $2,198 before finally hitting resistance.


But exactly how ‘different’ - if at all - is ETH’s latest push into price discovery?


In this week’s report (available to all Sanbase Pro subscribers) we take a deep look at Ethereum’s latest on-chain, social and derivatives data, and what it may suggest about the coin’s current market health.



Funding rates surge


Out of all the short-term indicia, arguably the most concerning signal seems to be Ethereum’s funding rate, which - alongside Bitcoin’s - skyrocketed to its highest level since the February price top earlier today:

Pictured: Ethereum’s BitMEX perpetual contract funding rate, past 6 months (Source: Sanbase)

The perpetual contract funding rate is a fee paid by one side of the contract to another.

There’s more of this Insight

Choose your subscription plan

Sanbase PRO

Unlock all PRO insights
$51/mo

Years of market experience, compressed in each report

Since 2017, Santiment has been an industry leader in on-chain data, social intelligence and behavior-based analysis of the crypto market.

Our tools have a proven track record of timing price tops for cryptocurrencies, helping traders find profitable exit points and mitigate HODLing risk.

Our previous TOP calls:
WAVES crowd sentiment patternMATIC charts a new ATH: is the top in?ICX insanity. How far could it go?
insight card
signal form

What you get with Sanbase Pro:

  • Members-only daily market insights and analysis
  • 30+ on-chain, social & project indicators for 900 cryptocurrencies
  • Custom alerts for the coins' price, on-chain & social trends
  • Santiment Spreadsheet plugin with 10+ pre-made market templates
  • Personalized asset watchlists and weekly performance reports

Gain unfair advantage with Sanbase Pro

Subscribe to Sanbase Pro for access to exclusive insights, market-beating metrics, strategies and templates!

Assets from this insight

Ethereum logo

EthereumETH

$ 3126.42

26.86%in last 7d
0