Ether price holds $1,820, but pro traders are skeptical about further gains
Ether traders have been neutral-to-bearish for the past week, indicating little confidence in ETH breaking above $2,000. The Ether (ETH) price has held above $1,820 for the past three weeks, despite facing a 13.7% correction between April 18-21. Still, analyzing a broader time frame provides a more constructive view, as ETH gained 20.8% in three months while the S&P 500 stock market index stood flat. However, according to ETH options and futures metrics, the gains were not enough to make professional investors bullish. Worsening macroeconomic conditions have driven cryptocurrencies’ positive momentum in 2023, including the ongoing banking crisis. According to Arthur Hayes, former CEO of crypto derivatives exchange BitMEX, if the government refuses to bail out First Republic Bank, it could set off a dangerous chain reaction of insolvencies. Recession risks increased after the U.S. economy grew at a modest 1.1% annualized pace in the first quarter, well below the 2% expected. Meanwh...