Ethereum fell to a critical price support, but futures data shows traders are still bullish.
ETH price fell by 20% in the past week, but futures data shows investors still believe in the bull trend.) price experienced a 20% increase from March 3 to March 13, culminating in a double top formation near $4,100. Following the second rejection, ETH underwent a 20% correction, testing the $3,200 support on March 19. Analysts suggest that the initial rally was fueled by overly leveraged long positions.
Ether’s bullish momentum faded following the forced liquidation of $375 million in ETH futures over the past week, but the question remains whether this is sufficient for Ether to stop the correction and potentially kick-start a bull run again.Ether's downturn was more pronounced than the broader cryptocurrency market's performance, which saw its market capitalization peak at $2.77 trillion on March 14, stabilizing around $2.35 trillion, a 15.5% drop over five days.
Despite the anticipation surrounding Ethereum's network upgrades, the base layer gas fees have remained a significant issue, with the average cost hovering around $12 on March 18, according to BitInfoCharts. This situation highlights the continuing appeal of alternative platforms like Solana and Avalanche .
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.BTC price dip hits 17.5% as week’s Bitcoin ETF net outflows near $500M
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