Ether Leeum Price Rally is more than $ 2.8K for two weeks-suggests that data is a pump dump.

Ether (ETH) surged to a maximum of $ 2,850 on February 17, with a 7%profit. The rally has increased from $ 0.70 to $ 70 for single swap transactions due to the rapid surge in Etherrium network transaction fees. This was initially given optimism among investors, but as the commission returned to the normal level, profits quickly disappeared.

Merchants soon realized that the surge in blockchain activities was led by the launch of a relatively unknown project. As a result, ETH lost $ 100 in an hour. The weak emotions of the ether future market have been further pressed, reducing 24 -hour profits to less than 2%. Ultimately, optimism had a short life.

According to Etherscan Data, the address connected to the “Wall Street PEPE” token accounted for more than 25% of the Etherrium transaction fee for three hours. This craze focuses on the launch of “PEPU PUMP PAD”, a lunch pad based on Ether Leeum Layer -2 chain.

In order to evaluate whether a professional ether trader is affected by a sudden surge in transaction costs, it is necessary to investigate the ETH monthly gift contract.

The ratio of ether futures to reflect the feelings of derivatives traders remained relatively stable at 6%on February 17. In general, ETH Monthly Futures Transactions are 5%to 10%of premiums, which are 5%to 10%premium compared to the spot market to explain the longer settlement period.

This trend can also be seen in the US SPOT ETHEREUM Exchange-Traded Funds (ETF), which has been completely flushed between February 5 and February 14. In the context, the device traded 84% in February. According to CoingLass data, compared to similar Bitcoin ETFs 17.

ETH futures leverage is stable without excessive demand.

Retail traders seemed to have not been affected by short ETH prices as indicated by derivatives metrics. The permanent future (reverse swap) financing ratio claimed by Longs (buyer) or paragraph (seller) helps to balance leverage imbalances in derivatives exchange.

When the trader is optimistic about Ether’s price, the financing rate is generally 1.8% per month, rising more than 0.20% per 8 hours. According to the data, the demand for leverage of the permanent contract was balanced, and on February 17, no signs of excessive excitement were observed.

Despite the temporary increase in onChain activities, the price of Ether can have a positive impact on future upgrades and improve network expansion while reducing the friction of wallets and distributed applications (DApps). But competition in this universe continues to grow, and projects such as Hyper Klicherr show the success of independent blockchain launches.

Ripdoteth, an Ether Leeum supporter, is expected to enable Ethereum’s upcoming ‘PECTRA’ upgrade to double the blove capacity of the roll -up, making it possible to enable a cheaper and faster layer -2 transaction. In addition, the proposed change includes the introduction of ‘no gas’ transactions, which can be sponsored by a third party.

relevant: Nyse

The upgrade of the upgrade of the upgrade of the upgrade will include enhanced authority on smart contracts, which will greatly improve the user experience of the wallet. Also, as emphasized by the user Ripdoteth, multiple tasks are placed together and no individual approval is required at each stage of the token swap.

The increase in the use of Etherrium Network is generally positive at the price of ethers. However, success depends on solving continuous discussions on how to improve the profits of basic staying without increasing the basic hierarchy in the community and interfering with the ecosystem growth. It is still unlikely that ETH will exceed $ 3,000 until it reaches a clear solution to this problem.

This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.