October 28, 2021

Ethereum derivatives lean bullish even as ETH price sits at a key support

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Ether (ETH) lost the $1,750 support on March 22, which marked a 7% loss and $230 million worth of futures contract liquidations. It has been holding near the strong support at $1,670, although investors are unwilling to open new long positions despite the price being 11% below the previous week’s high.

Ether price on Coinbase, USD. Source: TradingView

Binance Chain recently surpassed Ethereum’s transaction volume, and this startling growth in unique active wallets certainly played a part in tampering with investors’ optimism. The nonfungible token (NFT) frenzy has been driving new projects away from the Ethereum network’s high fees.

To further complicate things, multiple decentralized finance (DeFi) protocols are seeking interoperable alternatives, and PancakeSwap, Binance Smart Chain’s leading application, was able to amass $4.46 billion in total value locked (TVL).

Meanwhile, Ethereum developers are trying to remedy the Berlin update situation, aiming to reduce transaction costs. The upgrade is expected to go live on April 14, but severalTitle: Ethereum derivatives lean bullish even as ETH price sits at a key support
Sourced From: cointelegraph.com/news/ethereum-derivatives-lean-bullish-even-as-eth-price-sits-at-a-key-support
Published Date: Wed, 24 Mar 2021 18:50:00 +0000

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