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

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Published on Aug 4, 2022
https://cb.run/BSnP 3 key Ether derivatives metrics suggest $1,600 ETH support lacks strengthEther (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. The positive price move was primarily driven by growing certainty of the Merge, which is Ethereum's transition to a proof-of-stake (PoS) consensus network. During the Ethereum core developers conference call on July 14, developer Tim Beiko proposed Sept. 19 as the tentative target date for the Merge. In addition, analysts expect the new...
Source: https://cointelegraph.com/news/3-key-ethereum-derivatives-metrics-suggest-that-1-600-eth-support-lacks-strength

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