Can Ethereum finally break above $1,920 despite multiple bearish signs?
Ether price faced strong resistance at $1,920 after the 17.5% rally between June 15 and June 22. A number of factors contributed to the limited upside, including worsening macroeconomic conditions, the regulatory cryptocurrency environment, and weaker demand for decentralized applications on the Ethereum network.that could have stopped the U.S. Securities and Exchange Commission from issuing public statements related to the case.
Despite UNiswap NFT Aggregator's lackluster performance, the sector faced a decent influx of users on OpenSea, Blur, Manifold, LooksRare and Unick. As a result, in healthy markets, ETH futures contracts should trade at a 5 to 10% annualized premium, a situation known as contango.According to the futures premium, known as the basis indicator, professional traders have been avoiding leveraged longs . Despite the modest improvement to 3%, the metric remains far from the neutral 5% threshold.
As displayed above, the delta skew has been flirting with moderate optimism since June 22 but has been unable to sustain it for long. Presently, the negative 2% metric displays a balanced demand for options.Judging by the ETH derivatives metrics, declining TVL and Dapps use, bears are in a better position to defend the $1,920 resistance. Moreover, the worsening macroeconomic conditions and the cryptocurrency regulatory news flow confirm the moderate pessimism for risk-on assets, including Ether.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sleeping Ethereum Whale Awakens and Moves Millions: Is It End of ETH Price Rally?Ethereum mega whale awakens and shuffles thousands of ETH tokens ethereum eth ether ethusdt whalealert $eth
Read more »
LEGO 2K Drive Reveals Drive Pass Season 1 Contents2KGames shows off what's coming for Drive Pass Season 1 in LEGO2KDrive, as we're getting some Fast & Furious content and more. LEGO
Read more »
Bitcoin (BTC), Ethereum (ETH) in Red as Momentum StallsTop cryptocurrencies Bitcoin, Ethereum and major altcoins hit a lull this week
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Drops Below $31,000, After Becoming Overbought – Market Updates Bitcoin NewsBitcoin fell below $31,000 to start the week, as traders seemingly moved to secure gains, as the cryptocurrency became overbought.
Read more »
ZkSync Developer Releases Toolkit for Building Ethereum RollupsThe toolkit will make it easier for crypto developers to spin up fast and cheap blockchains powered by zero-knowledge proofs, one of this year’s hottest technologies in the digital-asset space.
Read more »
Banking Giant HSBC Floats BTC and ETH ETF Products in Hong Kong: ReportHong Kong's banking icon HSBC now allows Bitcoin and Ethereum ETF trading
Read more »