醚 (ETH) price fell below the $3,000 support on Sept. 20 as global markets entered a risk-aversion mode. The Invesco China Technology ETF (CQQQ) closed down 4.2%, while the SPDR S&P Metals and Mining ETF (XME) 丢失的 3.8%.

Some analysts pointed to the potential ripple effects of the default of Evergrande, a major Chinese real estate company. 相反, others blame the ongoing debates over the debt limit in Washington as the catalyst for this week’s volatility. 结果是, the CBOE Volatility Index (VIX), usually referred to as thestock market fear index,” jumped by more than 30% to reach its highest level since May.

On Sept.19, 我们. Treasury Secretary Janet Yellen called for Congress to raise the U.S. debt ceiling again in a Wall Street Journal op-ed. Yellen suggested that avoiding this would risk causing the government to default on payments and generate awidespread economic catastrophe.

One of the major focuses for traditional markets is this week’s U.S. Federal Open Market Committee meeting, which ends on Sept. 22. At the meeting, the Federal Reserve is expected to signal when it will cut back its $120 billion monthly asset purchase program.

How these events impact Ether price

Ether price in USD at Bitstamp. 资源: 交易视图

Even though the $3,000 level sits near the bottom range of the previous performance of the past 45 天, Ether still accumulated 210% gains in 2021. The network’s adjusted total value locked (TVL) jumped from $13 十亿 2020 至 $60 billion and the decentralized finance (DeFi), 赌博, and nonfungible token (NFT) sectors experienced an impressive surge while Ethereum maintained dominance of the sector’s market share.

Despite mean gas fees surpassing $20 在九月, Ethereum has kept roughly 60% of the decentralized exchange (敏捷) volume. Its largest competitor, 币安智能链, held an average daily volume slightly below $1 十亿, albeit having a transaction fee below $0.40.

Ether futures data shows pro traders are still bullish

Ether’s quarterly futures are the preferred instruments of whales and arbitrage desks due to their settlement date and the price difference from spot markets. 然而, the contract’s biggest advantage is the lack of a fluctuating funding rate.

These fixed-month contracts usually trade at a slight premium to spot markets, 表明卖家要求更多的钱来暂停结算更长时间. 因此, futures should trade at a 5% 至 15% 健康市场的年化溢价. This situation is technically defined ascontangoand is not exclusive to crypto markets.

ETH futures 3-month annualized premium. 资源: 挥发性

如上所示, Ether’s futures contracts premium spiked to 15% 九月. 6 as ETH price tested the $4,000 抵抗性. Apart from that brief overshot, the basis indicator ranged from 8% 至 12% over the past month, considered healthy and bullish.

The crash to sub-$3,000 in the early hours of Sept. 21 was not enough to scare seasoned traders. 更重要的是, 我们. Securities and Exchange Commission chairman Gary Gensler’s interview on cryptocurrency regulation also had no noticeable impact on Ether price. Had there been a generalized fear, Ether futures premium would have reflected this.

这里表达的观点和意见仅是 作者 并不一定反映Cointelegraph的观点. 每笔投资和交易动作都涉及风险. 您在做出决定时应该进行自己的研究.