Traders flinch after Ethereum price rejects at $2,000 By Cointelegraph

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Traders flinch after Ethereum price rejects at $2,000

Cryptocurrency Aug 15, 2022 08:00PM ET

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Traders flinch after Ethereum price rejects at $2,000

Ether (ETH) rejected the $2,000 resistance on Aug. 14, but the solid 82.8% gain since the rising wedge formation started on July 13 certainly seems like a victory for bulls. Undoubtedly, the "ultrasound money" dream gets closer as the network expects the Merge transaction to a proof-of-stake (PoS) consensus network on Sept. 16.

Ether price index in USD, 12-hour chart. Source: TradingView

Some critics point out that the transition out of proof-of-work (PoW) mining has been delayed for years and that the Merge itself does not address the scalability issue. The network’s migration to parallel processing (sharding) is expected to happen later in 2023 or early 2024.

Ether 30-day options 25% delta skew: Source: Laevitas.ch

Exchanges' top traders Ether long-to-short ratio. Source: Coinglass

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Traders flinch after Ethereum price rejects at $2,000

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