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Cryptocurrency16 hours ago (Jan 01, 2022 07:40AM ET)

Ether drops below $3,800, but traders are unwilling to short at current levels

Even though Ether (ETH) reached a $4,870 all-time high on Nov. 10, bulls have little reason to celebrate. The 290% gains year-to-date have been overshadowed by Dec.’s 18% price drop. Still, ‘s network value locked in smart contracts (TVL) increased nine-fold to $155 billion.

Looking at the past couple of months’ price performance chart doesn’t really tell the whole story, and Ether’s current $450 billion market capitalization makes it one of the world’s top 20 tradable assets, right behind the two-century-old Johnson & Johnson conglomerate.

Ether/USD price at FTX. Source: TradingView
Ether perpetual futures 8-hour funding rate. Source: Coinglass.com
Exchanges top traders long-to-short ratio. Source: Coinglass

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