{"id":17013,"date":"2022-02-26T15:41:04","date_gmt":"2022-02-26T15:41:04","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/26\/ethereum-futures-hit-a-7-month-low-as-it-tests-the-2400-support\/"},"modified":"2022-02-26T15:41:04","modified_gmt":"2022-02-26T15:41:04","slug":"ethereum-futures-hit-a-7-month-low-as-it-tests-the-2400-support","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/26\/ethereum-futures-hit-a-7-month-low-as-it-tests-the-2400-support\/","title":{"rendered":"Ethereum Futures Hit A 7-Month Low As It Tests The $2,400 Support"},"content":{"rendered":"

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Ethereum<\/a> prices have dropped 30% in just two weeks and the data shows how traders are bearish even though they rallied back towards $2,800 on February 25.<\/span><\/p>\n

Ethereum had reached a local high of $3,280, which marked a 51.5% recovery from the lows of $2,160 on January 24. This price was the lowest in almost 6 months and partially explained why the trader\u2019s main sentiments plummeted to bearish levels.<\/span><\/p>\n

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ETH\u2019s futures contract annualized premium, or basis, reached 2.5% on Feb. 25, reflecting bearishness despite the 11% rally to $2,700. The worsening conditions depict investors\u2019 doubts regarding the Ethereum network\u2019s shift to a proof-of-stake (PoS) mechanism.<\/span><\/p>\n

Cointelegraph Reported About The Ethereum Upgrade<\/b><\/span><\/h2>\n

As reported by Cointelegraph<\/a>, the much-anticipated sharding upgrade that will significantly boost processing capacity should come into effect in late 2022 or early 2023.<\/span><\/p>\n

Analyzing Ether\u2019s performance from a longer-term perspective provides a more appealing sentiment, as the cryptocurrency is currently 45% below its $4,870 all-time high.<\/span><\/p>\n

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Furthermore, the Ethereum network\u2019s adjusted total value locked (TVL) has held a reasonable 42.8 million ETH despite the price correction.<\/span><\/p>\n

As shown above, the network\u2019s TVL increased by 16.5% in three months, reflecting growth from decentralized finance (DeFi) and nonfungible token (NFT) marketplaces.<\/span><\/p>\n

However, due to network upgrade delays and worsening global macro conditions, professional traders are becoming frustrated and anxious, a sentiment that is depicted in multiple derivatives metrics.<\/span><\/p>\n<\/div>\n