Signs of fear emerge as Ethereum price drops below $3,000 again By Cointelegraph


Signs of fear emerge as Ethereum price drops below $3,000 again

Technical analysis is a controversial topic, but higher lows are commonly interpreted as a sign of strength. On Sept. 28, Ether (ETH) might be 30% below its May 12 high of $4,380, but the current $3,050 price is 78% higher than the six-month low of $1,700. To understand whether this is a “glass half full” situation, one must analyze how retail and pro traders are positioned according to derivatives markets.

Ether price on Coinbase (NASDAQ:) in USD. Source: TradingView

On Sept. 24, Chinese authorities announced new measures to curb crypto adoption, causing the second-largest mining pool (Sparkpool) to suspend operations on Sept. 27. According to Sparkpool, the measures are intended to ensure the safety of users’ assets in response to “regulatory policy requirements.”

Ether three-month futures basis rate. Source: Laevitas
Ether perpetual futures 8-hour funding rate. Source: Bybt