3 key Ethereum derivatives metrics suggest $1,600 ETH support lacks strength

Data shows Ethereum options traders are less bearish than before, but lower gas fees and smart contract deposits give ETH bulls little hope.
Ether (ETH) price is up 60% since May 3, outperforming leading cryptocurrency Bitcoin (BTC) by 32% over that span. However, evidence suggests the current $1,600 support lacks strength as network use and smart contract deposit metrics weakened. Moreover, ETH derivatives show increasing sell pressure from margin traders.