Is it time for a correction after ETH rallied 34% in two weeks? On-chain metrics and derivatives data say yes.
Investors tend to not complain about a price rally, except when the chart presents steep downside risks. For example, analyzing Ether’s (ETH) current price chart could lead one to conclude that the ascending channel since March 15 is too aggressive.Ether price at FTX, in USD. Source: TradingViewThus, it is only natural for traders to fear that losing the $3,340 support could lead to a retest of the $3,100 level or a 12% correction down to $3,000. Of course this largely depends on how traders are positioned, along with the Ethereum network’s on-chain metrics.For starters, the Ethereum network’s total value locked (TVL) peaked at ETH 32.8 million on Jan. 23, and has since gone down by 20%. TVL measures the number of coins deposited on smart contracts, including decentralized finance (DeFi), gaming, NFT marketplaces
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