Concerns over U.S. Federal Reserve policy, continuous negative crypto newsflow and pro traders maintaining a neutral perspective on Ethereum could be reasons why ETH price struggles to overcome the $1,600 resistance.
) price is struggling to overcome resistance at $1,600 and this is the altcoin’s third attempt since September 2022. Some would say the 33% year-to-date rally could be interpreted as a failed opportunity to breach the $200 billion market capitalization mark.If Ethereum price were to break above $1,600, it would return Ether to a top-60 global tradable asset, surpassing giant multinational companies like Nike , Novartis , Cisco and Toyota .
The negative newsflow continued on Jan. 17, as Japan's deputy director-general of the Financial Services Agency's Strategy Development and Management Bureau, Mamoru Yanase, argued that the crypto sector shouldThe fact that Ether continues to trade above $1,500 is a positive, but the most recent price pump closely followed an 8% gain by the Russell 2000 index.
Retail traders usually avoid quarterly futures due to their price difference from spot markets. Meanwhile, professional traders prefer these instruments because they prevent the fluctuation of funding rates in aThe two-month futures annualized premium should trade between +4% to +8% in healthy markets to cover costs and associated risks. However, when the futures trade at a discount versus regular spot markets, it shows a lack of confidence from leverage buyers, which is a bearish indicator.
Whales and market makers are yet to become optimistic according to options markets, but the absence of fear after a 33% rally is encouraging. Both options and futures markets point to pro traders fearing that the $1,600 resistance will continue to exert a negative impact on price.
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