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According to Glassnode report, the total value of Ethereum futures contracts traded on Binance reached $541k. However, as of February 4, 2022, the previous all-time high was $224k. The current live price of Ethereum is $1,693.26, and the 24-hour trading volume is $17.4 billion. Ethereum’s price has dropped by 4.99% in the last 24 hours.
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Ethereum’s (ETH) Struggles to Recover:
Even though there are numerous uncertainties in the cryptocurrency markets, investor confidence appears to be increasing. As futures trading resumed, Ethereum’s (ETH) 90-day volume reached a new high. Ethereum’s price is currently volatile, and it may fall to gain traction.
Ethereum Price Chart – Source: Tradingview
However, it is still hovering around $1,700 at the moment. It means that the price of Ethereum is about to fall below the moving averages. If the price of Ethereum falls below this line, it may test the $1,000, $600, and $800 support levels.
If the price of Ethereum breaks above the channel, it may retrace its steps and test the $1600 support level. However, if the currency fails to break through the $2900, $2500, and $2700 resistance levels, it may lose even more ground.
Futures Trading Volume
According to Skew Analytics, the most futures were traded on August 8, with nearly $28 billion traded. With $46 billion traded on July 18 and July 28, July and August saw the highest demand ever. Given that future volumes indicate the underlying asset’s growth and development, ETH’s transition to proof-of-stake (PoS) is not yet fully priced in.
McGlone believes that ETH’s fintech and infrastructure-building capabilities could be emphasized more, with adoption implications for the entire ecosystem if proof-of-stake (PoS) is successfully implemented.
As a result, the price of ETH increased by more than 47 percent in the previous month, just in time for the anticipated September Merging, which describes the deployment of Ethereum’s execution layer to the consensus layer. The merger could also be to blame for the high level of Ethereum futures trading.
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