Is Ethereum Set For A Major Rally? Options Traders Bet Big On $3,600+ Targets For June
14 Mai 2024 - 8:00PM
NEWSBTC
Ethereum (ETH) options for June show a marked interest in higher
strike prices, focusing on levels exceeding $3,600. Data from
Deribit reveals a concentrated bet among traders on calls
surpassing this price, indicating a bullish sentiment toward
Ethereum’s near-term trajectory. The most favored strike price
among these optimistic bets is an ambitious $6,500. Related
Reading: Can Ethereum Price Repeat Pattern and Start Fresh Surge To
$3,200? Options Market Bullish On Ethereum Notably, options
are contracts that give traders the right, but not the obligation,
to buy (in the case of calls) or sell (in the case of puts) the
underlying asset at a specified strike price by the expiry date. A
call option is typically purchased by traders who believe the asset
will increase in price, allowing them to buy at a lower rate and
potentially sell at a higher market price. Conversely, put options
are favored by those anticipating a decline in the asset’s price,
aiming to sell at the current rate and repurchase at a lower value.
Currently, the Ethereum options market is tilting heavily towards
calls, with the aggregate open interest—representing the total
number of outstanding contract options—showing a preference for
higher strike prices. This concentration of calls, primarily above
the $3,600 mark, suggests that a significant market segment is
positioning for Ethereum to ascend to higher levels by the end of
June. According to Deribit data, roughly 622,636 Ethereum call
contracts are set to expire by June’s end, encapsulating a notional
value above $1.8 billion. Such substantial positioning underscores
the market’s confidence in Ethereum’s potential uplift. Data
further shows that the most substantial open interest is clustered
around the $6,500 strike price, with a notional value of $193
million. This concentration reflects trader optimism and supports
Ethereum’s market price, especially if these options are exercised
as the asset price approaches or surpasses these strike levels.
Despite the optimism embedded in these options, Ethereum is
currently navigating a slight downturn. It has dropped 5.4% over
the past week and 2.2% in the last 24 hours, positioning it below
$2,900. This decline places even more focus on upcoming market
catalysts that could significantly sway ETH’s price. Regulatory
Decisions And Technical Indicators: A Dual Influence on ETH’s Path
One significant upcoming event is the US Securities and Exchange
Commission’s (SEC) decision on several applications for
Ethereum-based Exchange-Traded Funds (ETFs), which is due by May
25th. This decision is pivotal as approval could usher in a wave of
institutional investments into Ethereum, potentially catapulting
its price. Conversely, rejection could dampen the bullish sentiment
and lead to further pullbacks. From a technical analysis
standpoint, signs are pointing to a possible rebound. The “Bullish
Cypher Pattern,” identified by the analyst Titan Of Crypto,
suggests that Ethereum could be at a turning point. Currently,
Ethereum is at the 38.2% Fibonacci retracement level, a key support
zone in many bull markets. Related Reading: Crypto Analyst Says
Ethereum Price Will Drop To $2,500, Here’s Why This level has
historically acted as a launchpad for upward price movements,
hinting that Ethereum could be gearing up for a significant rise.
#Altcoins #Ethereum Bounce incoming. The Bullish Cypher Pattern
played out perfectly and all the targets got reached 🎯.#ETH is
currently at the 38.2% Fibonacci retrace level also called “1st
stop”. In a bull market this level holds. I expect a bounce from
this level. 🚀 pic.twitter.com/o9e6VLEREz — Titan of Crypto
(@Washigorira) May 12, 2024 Featured image from Unsplash, Chart
from TradingView
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