Cryptocurrency News

Ethereum price holds above $3K but network data suggests bulls may get trapped

When analyzing Ether’s (ETH) price chart, one could conclude that the 3-month long bearish trend has been broken for a few reasons. The current $3,100 price range represents a 43% recovery in 15 days and, more importantly, the descending channel resistance was ruptured on Feb. 7.

Should Ether bulls start celebrating and calling for $4,000 and higher? That largely depends on how retail traders are positioned, along with the Etherum network’s on-chain metrics. For instance, is the $30-plus transaction fee impacting the use of decentralized applications (dApps), or are there any other factors that will prohibit Ether’s price growth?Ether (ETH) price at FTX, in USD. Source: TradingViewEther perpetual futures 8-hour funding rate. Source: CoinglassSum of native token units transferred per day. Source: CoinMetricsEthereum network 30-day dApps activity. Source: DappRadar

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