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Ethereum price outlook weakens, but ETH derivatives suggest $1.6K is unlikely

Published 05/02/2023, 08:48 AM
Updated 05/02/2023, 10:20 AM
©  Reuters
JPM
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FRCB
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Ether’s (ETH) price has shown weakness after failing to break above the $1,950 resistance on April 26. The subsequent correction drove ETH to $1,810 on May 1, nearing its lowest level in four weeks. Curiously, the movement happened while First Republic Bank (NYSE:FRC) (FRB) was seized by the California Department of Financial Protection and Innovation.

The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with JPMorgan (NYSE:JPM) to protect FRB depositors, estimating a $13 billion loss.

Ether three-month futures annualized premium. Source: Laevitas
Ether 60-day options 25% delta skew: Source: Laevitas

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