ETH is currently priced at 2,925 USD after a 13.5% increase. However, traders remain skeptical about surpassing the critical 3,000 USD resistance due to missing market components.
The ETH futures premium is at 5%, pointing to trader hesitance. A drop of 22% in Ethereum’s network fees has raised concerns about the ongoing demand and potential for price growth.
Although total value locked (TVL) in Ethereum increased to 73 billion USD, trading volumes on decentralized exchanges have plummeted, reaching a nine-month low, suggesting that the optimism may not sustain.
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