Ethereum futures premium hits 7-month low as ETH tests $2,400 support By Cointelegraph

Ethereum futures premium hits 7-month low as ETH tests $2,400 support

Ether (ETH) hit a local high of $3,280 on Feb. 10, marking a 51.5% recovery from the cycle low of $2,160 on Jan. 24. This price was the lowest in 6 months and partly explains why the main indicator of sentiment for derivatives traders plunged to bearish levels.

The annualized premium, or basis, of the Ether futures contract hit 2.5% on Feb. 25, reflecting a bearish bias despite the 11% rally to $2,700. The worsening conditions show investors’ doubts regarding the network’s switch to a proof-of-stake (POS) mechanism.

According to Cointelegraph, the long-awaited sharding upgrade that would significantly increase processing capacity should come into effect in late 2022 or early 2023.

Read the full article on Cointelegraph

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