2 key Ethereum price metrics back traders’ confidence in $3,800 ETH

14 Sep 2021

2 key Ethereum price metrics back traders’ confidence in $3,800 ETH

2 key Ethereum price metrics back traders’ confidence in $3,800 ETHAccording to derivatives markets, Ether (ETH) traders are still confident that there is the chance formore upside even though the 23% correction on Sept. 7 took a hit on prices. Ethereum network congestion also peaked on Sept. 7 when the average transaction fee reached $60, and since then it has remained above $17. As a result of the lingering challenges experienced by the network, investors have shifted into Ethereum competitors with bridge and layer-two capabilities. For example, Polkadot’s DOT rose by 29% over the past week and Algorand’s ALGO spiked 67%.Ether price on Bistamp in USD. Source: TradingViewETH futures 3-month annualized premium. Source: LaevitasETH perpetual futures 8-hour funding rate. Source: Bybt

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