2 key Ethereum price metrics back traders’ confidence in $3,800 ETH

2 key Ethereum price metrics back traders’ confidence in $3,800 ETH


According to derivatives markets, Ether (ETH) traders are still confident that there is the chance formore upside even though the 23% correction on Sept. 7 took a hit on prices. 

Ethereum network congestion also peaked on Sept. 7 when the average transaction fee reached $60, and since then it has remained above $17. As a result of the lingering challenges experienced by the network, investors have shifted into Ethereum competitors with bridge and layer-two capabilities. For example, Polkadot’s DOT rose by 29% over the past week and Algorand’s ALGO spiked 67%.

Undoubtedly, there’s a quest for interoperability and layer-two scaling solutions, aiming to quickly meet the explosive demand for nonfungible tokens (NFTs) and decentralized finance (DeFi) applications.

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Whether the Ethereum network will sustain its absolute leadership position seems irrelevant right now, as the industry’s net value locked (adjusted total value locked) in smart contracts has risen from $13.6 billion in December 2020 to its current $82 billion.

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