The price of Ethereum has recovered a lot from its record down at $2,500, however, the data from the derivatives portray that the pro traders are still moving cautiously. The price of ETH increased by 11% on 26th March and then reached $3,480 after just three days. The recent value is still below 9% as compared to this day last year.
Ethereum Needs $3,400 Support To Gain The Confidence Of Traders
After the announcement of the Weekly Report by the CoinShares Digital Asset Fund Flows on 29th March, the investors are pretty happy and excited to see the inflows of crypto products that are listed in the exchange have risen to new heights in just three months. The data also portray that products of investment that are mainly digital assets received a total deposit of $193 million in the previous week.
The Office of Science and Technology Policy, which is an exclusive office of Joe Biden, the President of the U.S. has decided to launch a new study to offset the use of energy that is related to digital assets. Moreover, Joe Biden has also signed an order of executive nature that orders all the federal agencies to check the digital asset’s implication.
The network of Ethereum will be soon converted to PoS and that can be a reason for its outperformance against bitcoin. Ethereum planned to set aside the pressure of digital mining so that it can become more productive and allow faster and cheaper transactions. The wait for the up-gradation of PoS for three years is not enough to flip bullishness for the pro traders of Ethereum.
As per data, it is evident that the basic indicator of Ether has improved from 2% to 6% to date. Though the metrics portray a sentiment of bearishness, still it must be kept in mind that the price of Ether is still down by 9% compared to last year and 28% as compared to its highest record.
