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:

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