Ethereum is up 60% since the beginning of May, outperforming Bitcoin, but metrics still suggest support at $1600 lacks strength.
) 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., which is Ethereum's transition to a proof-of-stake 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.
If investors expect Ether's price to rally, the skew indicator moves to -12% or lower, reflecting generalized excitement. On the other hand, a skew above 12% shows reluctance to take bullish strategies, typical of bear markets.For reference, the higher the index, the less inclined traders are to price downside risk. As displayed above, the skew indicator exited “fear" mode on July 16 as ETH broke above the $1,300 resistance.
Bitfinex margin traders are known for creating position contracts of 100,000 ETH or higher in a very short time, indicating the participation of whales and large arbitrage desks.Ether margin longs peaked at 500,000 ETH on July 2, the highest level since November 2021. However, data shows those savvy traders have reduced their bullish bets as the ETH price recovered some of its losses.
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