Ether (ETH) price remains steady at $2,500 despite an increase in futures liquidations, according to data. On January 16, $15.03 million worth of ETH shorts were liquidated, compared to $5.3 million in long liquidations. This coincided with the ETH/USD pair reaching a high of $2,614 and breaking through the $2,500 resistance level. On-chain analytics firm Glassnode also reported a dominance of short liquidations over long liquidations on January 16. A report by 10xResearch highlighted Ether’s increasing share of open interest and investors’ expectations of ETH/BTC appreciation. Additionally, Bitcoin’s dominance indicator dropping below 50% for the fourth day is seen as a sign that altcoins can outperform Bitcoin. ETH’s dominance has reached a three-month high above 18%. Data from Santiment shows Ethereum’s price dominance against Bitcoin increasing by 22.4% in the past week. The data also reveals a surge in new Ethereum addresses and a decrease in ETH’s supply on exchanges. These on-chain metrics suggest Ether’s market strength and potential to outperform Bitcoin. In other news, the latest upgrade to the Ethereum network, known as “Cancun-Deneb” or “Dencun,” has been deployed on the Goerli testnet. The upgrade is expected to lower transaction costs on Ethereum layer 2s and introduce new features. The next testing schedule for Dencun includes implementation on the Sepolia testnet on January 30 and the Holesky testnet on February 7. The upgrade has not yet been announced for the mainnet. This article does not provide investment advice or recommendations.
Unveiling 3 Factors Bolstering Ethereum (ETH) Price Against Bitcoin