ETH News Today: Funding Rates Flip Bullish for November After $764M in Longs Cleared
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- Ethereum crashed to $3,681, triggering $884M in total liquidations; $764M were longs
- ETH price rebounded to $3,849 as funding rates turned negative, a historically bullish signal
- The Fusaka upgrade on Dec 3 provides a future catalyst, but CryptoQuant warns of more leverage
Ethereum fell sharply to $3,700 earlier today as fear gripped the broader crypto market. The drop was accompanied by massive liquidations over the past 24 hours with Fear & Greed Index slipping to 31.
At the time of writing, ETH trades at $3,849, rebounding from its daily low of $3,681.91. Prices have risen over 1.6% in the past 24 hours. Coinglass data shows $884.82 million in total liquidations over the same period, with $764.39 million in longs flushed out versus just $120.42 million in shorts.
Related: Ethereum Price Prediction: Traders Target Key Breakout as Futures Surge
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