which dropped by 4.7% in the last 24 hours. Same as the supply side fees which witnessed a 5.3% decline within the same period.The supply section was not the only afflicted one across the Ethereum blockchain. According to Glassnode, interest in funding thehad also been met with roadblocks. At press time, data from the on-chain platform showed that the options volume across all exchanges was $71.52 million.
This value was an obvious decrease from the supply for most of November. Following the plunge, it implied that contracts open for Ethereum were not impressive. This also implied that traders did not trust the altcoin enough to execute trades in their favor.Moreover, not all parts of the network were down in the drain. For some like the slashing event count, this was a period to render a helping hand to the network.
Besides, ETH was less likely to exit the current zone in the short term. This was because the four-hour chart showed that the altcoin was far from extreme volatility as indicated by the Bollinger Bands . In terms of its Moving Average Convergence Divergence , ETH’s momentum was largely bearish. At a MACD value of -6.46, it might require an all-inclusive harmony for buyers to reverse the situation.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »