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2 key Ethereum price metrics suggest traders will struggle to hold the $2K support level

Cryptocurrency May 18, 2022 03:00PM ET
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2 key Ethereum price metrics suggest traders will struggle to hold the $2K support level

Ether (ETH) price has been trying to establish an ascending channel since the May 12 market-wide crash that sent its price to $1,790. Currently, the altcoin’s support stands at $2,000, but the high correlation to traditional markets is causing traders to be highly skeptical s cryptocurrency market recovery.

Ether/USD 4-hour price at Bitstamp. Source: TradingView

To date, the Federal Reserve continues to dictate the markets’ performance and uncertainty has been the prevailing sentiment because the central banks of major economies are trying to tame inflation. Considering that the correlation between crypto markets and the S&P 500 index has been above 0.85 since March 29, traders are likely less inclined to bet on Ether decoupling from wider markets anytime soon.

Ethereum network total value locked, ETH. Source: Defi Llama
Ether futures 3-month annualized premium. Source: Laevitas

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2 key Ethereum price metrics suggest traders will struggle to hold the $2K support level
 

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