YTD's (year-to-date) profit at Ether 330 percent has been highly stimulated by the extension of decentralized finance and the detonation of non-fungible tokens. OpenSea - the largest NFT marketplace has certified this aspect by exceeding the magnificent mark of $10 billion in accumulated trading volume.
Nevertheless, traders' anxiety about the 15 percent correction that followed the $4,870 all-time high on November 10 is a hint that a larger lumbering movement is in order. The split of the 55-day ascending channel strengthens this theory and Nov. 19's $550 million Ether options expiry is expected to possibly approve bears.
The overall value of Ethereum worth $86 billion linked to smart contracts represents 70 percent of the market. Furthermore, this benchmark has expanded by 25 percent over the last two months. The increase pinpoints the industry as being unaffected by the network's $50 average gas fees.
US's regulatory dubitation is seen to surpass the cryptocurrency markets' bull-run. Here's an example: On October 18, 2021, the New York Attorney General's office ordered a "cease and desist" policy for two crypto lending platforms steering in the state.
After a few days, on November 1, 2021, the report furnished by the President's Working Group on Financial Markets (PWG) concentrated on stable coins risks to users and financial stabilization. Following the report, Congress was recommended to furnish a federal prudential framework, petitioning the jurisdiction of the SEC and CFTC.
Irrespective of the reason leading to the immediate Ether price weakness, bulls' over-optimism on Friday's ETH $550 million options expiry will probably offer pressure down the market.