The Ethereum prices have seen a recent hike and hit their 1600 USDs resistance levels. However, it is not stopping the traders from opening the Leveraged Longs.
Even after the latest confirmation of the “Ethereum merge” shift to a proof-of-stake (PoS) consensual network in September, Ether (ETH) is down 11.5 percent in the last seven days. Tim Beiko, an Ethereum core developer, suggested Sept. 19 as a possible goal date at the Ethereum core developers’ conference call on July 14.
Years have passed since the move away from energy-intensive mining, and a date has not yet been set for the shift to scalability using sharding technology, which allows for parallel processing. However, other analysts predict that the network’s monetary policy will increase Ether’s value.
Market Ready For The Ethereum Merge:
The “supply shock” effect was emphasized by Ethereum researcher Vivek Raman. As per the top analyst, the “merge” will “lower ETH’s supply by 90%,” even if there is now no reduction in transaction fees.
The recent decrease in Ether’s price could be largely attributed to regulatory uncertainty. Yuga Labs is the target of a class-action lawsuit for “improperly encouraging” the public to purchase NFTs and the ApeCoin tokens. The law firm further asserts that Yuga Labs “raised the cost” of the BAYC NFTs and indeed the APE tokens by using celebrity endorsers and promoters.
Traders Are Nowhere Near Optimistic:
Ether’s swaps markets data can help investors identify where whales and trading desks are located. When traders overspend for upward or downside protection, a 25% delta tilt is a warning indication.
The distortion indicator would rise above 10% if such market participants were concerned about an Ether price fall. Generalized excitement, on the other hand, exhibits a downward 10% skew.