- The price of ETH, the native cryptocurrency of the Ethereum network, reached an all-time high today with $ 1,500. The data show that the ETH options market is showing dominant activity and this could be the primary factor leading to a new uptrend in the rally.
The price of ETH, the native cryptocurrency of the Ethereum network, reached an all-time high today with $ 1,500. The data show that the ETH options market is showing dominant activity and this could be the primary factor leading to a new uptrend in the rally.
Ethereum breaks a record to exceed $ 1,500
In major exchanges, the price of ETH exceeded $ 1,500 after the options market showed dominant activity.
There are two types of contracts in the options market: Sell and buy. When there are more purchases in the market, it means that the options market is on the rise.
Analysts at the data analytics platform Laevitas said purchases dominated 80% of Deribit’s ETH volume before rising to a new all-time high.
Based on this volume trend, analysts predicted that ETH would face a big uptrend:
“While the ETH 1-month VIX reaches the levels last seen in early January, the price stabilizes at a level close to ATH. Acquisitions dominate 80% of DeribitExchange’s volume today and it looks like it is about to explode. ”
After long efforts, the summit came from ETH
Within hours, ETH surpassed $ 1,500, recording its all-time high for the second time in a month.
ETH was flirting with an all-time high last week, but every time the resistance approached, the price rejected the closest key support. The fact that the price did not see a deep retracement after retesting the previous high meant that the resistance was weakening. Therefore, on the fourth retest, the resistance level was finally exceeded.
As Three Arrows Capital CEO Su Zhu said, ETH’s momentum is so strong that if an investor sells BTC to ETH at the $ 41,000 peak, the investor would do more than sell it in US dollars:
“It’s crazy, but it makes more sense to sell from BTC to ETH instead of from BTC to USD for $ 41,000.”
Will the increase continue?
Traders say that if the daily candle of ETH goes above $ 1,440, it will solidify the uptrend. One trader known as “Trader Koz” said:
“The daily close above $ 1,440 confirms the lowest I think. I still have time for this to be rejected, so I literally postpone the celebration until later. ”
Researchers at IntoTheBlock shared a similar sentiment. After Ethereum broke $ 1,500 for the first time in history, researchers said activity on the chain returned to January 2018 figures.
“ETH crosses the $ 1,500 barrier for the first time and enters price discovery. Here are some facts: 100% of addresses are profitable right now. “