Although the ETH price experienced a 15% drop, on-chain data and derivative markets indicate that investor confidence continues. Despite a 15% loss in value and $277 million in liquidations, ETH finds strong support at the $2,400 level.

The growth in second layer networks and the recent interest in spot ETH ETFs continue to increase confidence in Ether.

Ether (ETH)

₺100,246

ETH, which rose to $2,880 on Wednesday, could not maintain this momentum and faced resistance at the $2,450 level. Although investors are not satisfied with the current prices, derivative market indicators show increasing confidence within the market.

On Friday, the premium on Ether futures briefly fell; ETH price dropped by 15% to $2,440, resulting in the liquidation of $277 million in leveraged long positions within two days. However, as of Sunday, the futures premium returned to a neutral level, regaining the critical threshold of 5%, indicating that investors have regained confidence in the $2,400 support level.

Ethereum's Second Layer Ecosystem is Strengthening

The rise in Ethereum's second layer scaling solutions has significantly contributed to the ETH rally in early May. This development coincides with Solana and BNB Chain surpassing Ethereum in decentralized exchange (DEX) trading volume. Combined activities on Base, Arbitrum, Unichain, and Polygon have surpassed Ethereum's monthly DEX volume of $65.5 billion.

While high transaction fees on the main layer frustrate many ETH holders, this situation is seen as a significant reason for the increase in ETH supply. On the other hand, rollup technologies offer new scalable solutions. For instance, Morpho, the largest decentralized application on the Base blockchain, provides dedicated infrastructure for various use cases such as collateralized lending and yield generation.

On Thursday, Shopify introduced a limited USDC stablecoin payment system on the Base blockchain. The product includes a 1% cash back incentive and is planned for full launch by the end of 2025. Developed in collaboration with Coinbase, this project highlights Base's low-cost and secure structure.

Ether Derivative Markets Show Resilience Despite Price Decline

ETH options markets provide important signals to understand the sentiment of professional investors following a drop below the $2,500 level on Tuesday. In neutral market conditions, the 25 delta skew typically ranges from -5% to +5%, and put and call option prices are balanced. Currently, ETH put options are priced 4% lower than call options, indicating a neutral stance in the market. Even though the ETH price has not exceeded $2,500, it shows that whales and market makers are not in a downtrend.

Part of this optimism may stem from a net inflow of $830 million into spot ETH ETFs listed in the US recently.

ETH Balances on Exchanges are Decreasing

The decline in ETH balances on exchanges is generally interpreted as a bullish signal; because assets deposited into exchanges are associated with a selling intention, while withdrawn ETHs typically mean staking or long-term holding, which reduces short-term supply pressure.

As of June 17, the total amount of Ether on exchanges decreased from 16.71 million ETH a month ago to 16.31 million ETH. This decrease parallels the increase in Ethereum's total locked value (TVL), which reached $67.2 billion with a 6% increase during the same period.

General Evaluation

The future of Ether is influenced by external factors such as increasing geopolitical tensions in the Middle East and trade disputes between the US and significant economic partners.

Although investors do not expect ETH to retest $3,000 in the near term, the strength of the derivative markets indicates that the $2,400 support level can be maintained.


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