Ether’s (ETH) impressive 85% gain in the past 30 days has surprised even the most bullish investors, and it makes the $800 range seen in mid-July seem like ages ago. Bulls now hope to turn $1,900 to support, but derivatives metrics tell a completely different story, and the data suggests that professional traders remain highly skeptical.
It’s important to remember that the leading cryptocurrency, Bitcoin (BTC), gained 28% in the same period. Thus, there should be no doubt that the Ether bull run was driven by the Merge expectation, a transition to a proof-of-stake (PoS) consensus network.
Continue Reading on Coin Telegraph
