An assortment of on-chain and derivatives data signal that ETH price is unlikely to rally above $3,500 any time soon.
Analyzing Ether’s (ETH) current price chart paints a bearish picture, which is largely justified by the 11% drop over the past month, but other traditional finance assets faced more extreme price corrections in the same period. The Invesco China Technology ETF (CQQ) is down 31% and the Russell 2000 declined by 8%.Ether price at FTX, in USD. Source: TradingViewCurrently, traders fear that losing the descending channel support at $2,850 could lead to a stronger price downturn, but this largely depends on how derivatives traders are positioned along with the Ethereum network’s on-chain metrics.According to Defi Llama, the Ethereum network’s total value locked (TVL) flattened in the last 30 days at 27 million Ether. TVL measures the number of coins deposited on smart contracts, including decentralized finance (D
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