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.
Fusion Medium or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
