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Ethereum bulls enticed by $1,750 support and lack of ETH liquidations

Ethereum miners and developers might be fighting over network upgrades but derivatives data shows investors are still wildly bullish.
As Bitcoin price dropped below $55,000 on March 15, Ether (ETH) pulled back to confirm the $1,750 level as support. This signals optimism from professional traders despite the 12% drop that occurred after Ether price peaked at $1,950 on March 13.While Ether may be bullish from the price perspective, recent news surrounding the protocol hasn’t been positive. Last week, Cointelegraph reported the rising tensions between miners and developers as they clashed over the EIP-1559 proposal, which is expected to reduce fee volatility and significantly impact miner revenue.Moreover, the surging Ethereum network fees caused the volumes at decentralized exchange (DEX) to decrease while lending a boost to competitors like the Binance Smart Chain (BSC).Ether price, USD. Source: TradingViewDespite repeatedly testing the sub-$1,750 level over the past week, Ether has shown strength. The upcoming Berlin upgrade on April 14 is expected to drastically reduce network congestion, therefore providing the necessary confidence investors needed during the recent turbulence.It is worth noting that despite the recent price drop, futures contract liquidations remained relatively low. This is in stark contrast to Feb. 21 and Feb. 22, when $1.4 billion long positions were forcefully terminated and lead to an acceleration of Ether’s downtrend.Ether futures contracts aggregate liquidations. Source: BybtConsidering how the March 15 and 16 long futures contracts aggregate liquidations remained below $270 million, this shows that buyers are not highly leveraged. This leaves room for further bullish bets and it also removes incentives for …
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