On Feb. 12, Ethereum (ETH) price peaked at $2,633, just shy of its 2024 top, while Bitcoin (BTC) raced above the $50,000 for the first time since 2022.
Bitcoin (BTC) attracted the media attention after breaking the $50,000 barrier on Feb. 12, but Ethereum bulls are making strategic moves to stage a similar breakout.
Will ETH price reclaim $3,000 in the coming days?
Ethereum derivative traders have intensified bullish bets
Ethereum and Bitcoin price action have been closely correlated for many years. This has sparked optimism that BTC hitting the $50,000 milestone on Feb. 12 could open the doors to ETH making a similar bullish upswing.
In the ETH derivatives markets, there has been an noticeable increase in the spate at which speculative traders are placing leveraged bullish bets.
CryptoQuant’s funding rate represents the aggregate percentage of fees paid by perpetual futures traders to keep their positions…
