The Ethereum 2.0 upgrade was successful in bringing Ethereum to the proof-of-stake era. While the new era is doing everything it was designed to, the hype surrounding the token seems to have faded off quickly. New reports from exchange charts show that the Ethereum funding rate, which increased to all-time highs before the Ethereum merge, has now stabilized.
Ethereum Funding Rates Plummet Post-Merge
The hype before the Ethereum 2.0 upgrade led to a rise in the number of Ethereum Futures contracts. This was was obviously because of the increased interest in the Ethereum network. At the time of writing, however, the Ethereum Futures funding rate was back to 0.0045%. This is the level it maintained months before the merge hype.
Ahead of the merge, Ethereum traders were making quick trades to secure their Ethereum Futures positions because they hopped to make major profits. Unfortunately, the merge didn’t do much to improve the price of the ETH token so traders are abandoning their positions.
Ethereum (ETH) Price Falls Against the USD
The price of the ETH token has had a disappointing bear run since after the upgrade. While the token was outperforming Bitcoin and other cryptocurrencies for months before the migration, it is now struggling to hold the support at $1300.
At the time of writing, the price of the ETH token was $1,349.07. It was up 0.52% against the USD and remains at risk of retesting $1,200 levels if it doesn’t gather momentum soon. The 24-hour high for Ethereum is $1,378.68 and the low is $1,319.20.
It is still not clear if the price of the ETH token will eventually rise in response to the upgrade. Some analysts have predicted that the token will experience a significant surge shortly after the downturn. The long-term technical indicators support this prediction but short-term, ETH is still at risk of moving lower against the USD.