Does Ethereum risk a correction back down to $1.7K with TVL bleeding?
TVL nears 3-year lows as network demand falls
The total value locked , which measures the deposits locked in Ethereum's smart contracts, reached its lowest level since August 2020. The indicator declined by 3.1% to 13.7 million ETH in the 30 days leading to July 4, according to DefiLlama. There are occasional methodological discrepancies between different exchanges, so readers should monitor changes instead of absolute figures.Despite Ether trading within a narrow range of $1,815 to $1,975 since June 22, professional traders have increased their leveraged long positions in futures, as indicated by the long-to-short ratio.
To exclude externalities that might have solely impacted the Ether futures, one should analyze the ETH options markets. The 25% delta skew indicator compares similar call and put options and will turn positive when fear is prevalent because the protective put option premium is higher than the call options.The skew indicator will move above 8% if traders fear an Ether price crash. On the other hand, generalized excitement reflects a negative 8% skew.
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