Ether (ETH) price is up 60% since May 3, outperforming leading cryptocurrency Bitcoin (BTC) by 32% over that span. However, evidence suggests the current $1,600 support lacks strength as network use and smart contract deposit metrics weakened. Moreover, ETH derivatives show increasing sell pressure from margin traders.
The positive price move was primarily driven by growing certainty of the “Ethereum merge” transition to a proof-of-stake (PoS) consensus network in September. During the Ethereum core developers conference call on July 14, developer Tim Beiko proposed Sept. 19 as the tentative target date. In addition, analysts expect the new supply of ETH to be reduced by up to 90% after the network’s monetary policy change, thus a bullish catalyst.
Ethereum’s total value locked (TVL) has vastly benefited from Terra’s
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