Ethereum Traders Reduce Their Bullish Bets As ETH Fights for $3K Back According to Cointelegraph

© Reuters

Ether (ETH) is still struggling after failing to break the top of a five-week descending channel for the third time in a row. A test of the $3,000 resistance on March 2 was followed by a 17.5% correction in five days, which suggests that buyers are somewhat reluctant to defend the price.

To date, Ether is subject to high network transaction fees, although it has dropped from $19 in mid-February to the current $13 per transaction. While this is less than the peak seen previously, $13 per transaction is still incompatible with most games, unusable tokens, and even transactions. decentralized finance.

Ether/USD price at FTX. Source: TradingView
Ether 3 month futures contract premium. Source:
Ether long-short ratio of the exchange’s top traders. Source: Coinglass