Ethereum price data points to impending rally above $3.4K

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Traders are showing interest in ETH price, and data hints at a potential rally to the $3,400 level.

) price experienced an 18% drop to $2,826 between July 1 and July 8 but has since partially recovered. Investors are understandably disappointed, particularly since $313 million in leveraged long positions were liquidated during this period. Although the current price of $3,100 is still below the previous $3,400 support level, Ether traders are gradually regaining their confidence, as indicated by onchain and derivatives metrics.

The Ethereum network's total value locked , which measures the total deposits in its DApp ecosystem, including layer-2 bridges, is steady at 17.7 million ETH, unchanged from a month ago. This data supports the idea of reduced liquidity on fiat exchanges and shows resilience, considering that Ethereum's average transaction fees exceed $2, significantly higher than many of its competitors like Solana and BNB Chain .Top blockchains ranked by 30-day DApps volumes, USD.

Over the past 30 days, Ethereum DApps recorded a volume of $200.9 billion, but its layer-2 ecosystem expanded significantly. For example, Arbitrum's volumes surged to $52.4 billion, an increase of 94%, while Blast grew by 62% to $51.1 billion, and Base increased by 57% to $18.4 billion. In contrast, direct competitors like BNB Chain and Solana experienced an average decline of 27% during the same period.

Even as ETH traded at its lowest levels in nearly three months on July 8, Ether derivatives showed little enthusiasm from bears. The demand for call options was twice that of put options, indicating a lack of increase in volumes for neutral-to-bearish strategies using ETH options.Data indicated a modest rise to 0.8 on July 8, meaning the volume traded in ETH put options was 20% smaller compared to call options. However, this indicator quickly reverted to its 7-day average near 0.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Meet the hackers who can help get your crypto life savings back

 

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