Ethereum price is marching toward $3,000 after having a rough start to 2022, but noshitcoins says three key data points explain why pro traders are choosing not to add leveraged positions.
) price bounced over 20% from the $2,300 low on Feb. 22, derivatives data shows that investors are still cautious. To date, Ether's price is down 24% for the year, and key overhead resistances lay ahead.
For example, the 7-day network average transaction fee is still above $18, while the network value locked in smart contracts decreased 25% to $111 billion between Jan. 1 and Feb. 27. This negative indicator could partially explain why Ether has been down-trending since early February.The above channel currently shows resistance at $3,100, while the daily closing price support stands at $2,500.
Exchange-provided data highlights traders' long-to-short net positioning. By analyzing every client's position on the spot, perpetual and futures contracts, one can better understand whether professional traders are leaning bullish or bearish.
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