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

in ethereum •  2 years ago 

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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.

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