Ethereum On the Verge of Recovery as Price Steadies Above $2,200
Ethereum (ETH) appears to be on a path to recovery as it balances above the $2,200 level. Despite its 45% drop over the past seven days, reports show that more than 85% of all ETH HODLers are still in profits.
Over the past week, the network suffered a massive drop in transactions worth roughly $190 billion, as on-chain sentiment remains bearish. However, the recent inflow of capital into the Ethereum network indicates that recovery has begun.
Reports show that three key factors are supporting this recovery bias. Firstly, ETH longs were heavily overleveraged, which further exacerbated last week’s decline. However, ETH futures volume has remained under $70 billion since May 19, indicating that leveraged positions are low, lending support to a recovery bias.
Secondly, the daily volume of the...
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