Can Ethereum finally break above $1,920 despite multiple bearish signs?
Ether price faced strong resistance at $1,920 after the 17.5% rally between June 15 and June 22. A number of factors contributed to the limited upside, including worsening macroeconomic conditions, the regulatory cryptocurrency environment, and weaker demand for decentralized applications on the Ethereum network.that could have stopped the U.S. Securities and Exchange Commission from issuing public statements related to the case.
Despite UNiswap NFT Aggregator's lackluster performance, the sector faced a decent influx of users on OpenSea, Blur, Manifold, LooksRare and Unick. As a result, in healthy markets, ETH futures contracts should trade at a 5 to 10% annualized premium, a situation known as contango.According to the futures premium, known as the basis indicator, professional traders have been avoiding leveraged longs . Despite the modest improvement to 3%, the metric remains far from the neutral 5% threshold.
As displayed above, the delta skew has been flirting with moderate optimism since June 22 but has been unable to sustain it for long. Presently, the negative 2% metric displays a balanced demand for options.Judging by the ETH derivatives metrics, declining TVL and Dapps use, bears are in a better position to defend the $1,920 resistance. Moreover, the worsening macroeconomic conditions and the cryptocurrency regulatory news flow confirm the moderate pessimism for risk-on assets, including Ether.
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