Tim Beiko markets Ethereum Bitfinex Derivatives Tim Beiko

3 key Ethereum derivatives metrics suggest $1,600 ETH support lacks strength

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Ether (ETH) price is up 60% since May 3, outperforming leading cryptocurrency Bitcoin (BTC) by 32% over that span. However, evidence suggests the current $1,600 support lacks strength as network use and smart contract deposit metrics weakened.

Moreover, ETH derivatives show increasing sell pressure from margin traders.The positive price move was primarily driven by growing certainty of the "Ethereum merge" transition to a proof-of-stake (PoS) consensus network in September.

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