Ether’s (ETH) 330% year-to-date gain has been largely fueled by the growth of decentralized finance and the explosion of non-fungible tokens. Proof of this comes from OpenSea, the largest NFT marketplace, surpassing the impressive mark of $10 billion in accumulated trading volume.
However, traders worry that the 15% correction that followed the $4,870 all-time high on Nov. 10 could indicate that a larger bearish movement is in place. The rupture of the 55-day ascending channel reinforces this thesis and Nov. 19’s $550 million Ether options expiry will likely favor bears.
Ether/USD price on Bitstamp. Source: TradingView
Ethereum’s $86 billion total value locked in smart contract contracts, represents 70% of the market and this metric has increased by 25% over the last two months, signaling that the industry leader