Ethereum price finally topped $3K, but data suggests a reversal is nowhere in sight - BitcoinEthereumNews.com
Ether price at FTX, in USD. Source: TradingView Thus, you could say that the above chart presents a long period of range trading near $2,800, for example. Considering Ethers 88% anualized volatility, moves between $2,400 and $3,200 should be regarded as normal. Using technical analysis, a trader might point to lower highs forming the above downtrend chanel, but should Ether bears celebrate and call for $2,500 and lower？ That largely depends on how retail traders are positioned, along with the Ethereum networks on-chain metrics. A few things to consider are whether the 63% drop in network transaction fees to the current $17 reflects a decrease in the use of decentralized applications (DApps), or are users benefiting from engaging with other layer-2 scaling solutions？ Ethers futures premium is absent To understand how confident traders are about Ethers price recovery, one should analyze the perpetual contracts futures data. This is the retail traders preferred derivative because exchanges offer up to 50x leverage, and its price tends to track the regular spot markets perfectly. In any futures contract trade, longs (buyers) and shorts (sellers) are matched at all times, but their leverage use can vary. Consequently, exchanges will charge a funding rate to whichever side deposited less margin, and