Hello everyone, I am Xiao Enjoy!Ethereum options data shows a strong surge in put option positions. If the ETH price fails to maintain the level of 1631, it may fall by another 100 points
Hello everyone, I am Xiao Enjoy!
Ethereum options data shows a strong surge in put option positions. If the ETH price fails to maintain the level of 1631, it may fall by another 100 points.
After experiencing fluctuations at the beginning of this week, the trading price of Ethereum (ETH), the world's second largest cryptocurrency, has once again exceeded the level of 1620.In addition, Ethereum's on chain activities have also shown a healthy growth momentum.
On chain data provider Santiment explained that on Wednesday, the Ethereum network recorded an extraordinary event involving 1089893 unique wallets as sender or receiver of ETH.This number is the second highest in the asset's eight year history.This unusual phenomenon may be a surrender signal required for price recovery.
From an upward perspective, the 1633 level is an important threshold marked by the 100 day moving average (EMA), while the 50 day EMA of 1613 provides short-term support.
The decisive trend of breaking through these moving averages may confirm a price increase to 1800.On the contrary, a breakthrough in either direction may trigger a new round of selling, potentially pushing the ETH price below 1600 and finding some breathing opportunities near the 1531 level.
Overview of Ethereum (ETH) Option Data
According to GreeksLive'sdataApproximately 56000 ETH options are about to expire, with a put option ratio of 1.09, a maximum pain point of 1650, and a nominal value of 250 million.
ETH's recent intraday fluctuations have been minimal, with significant changes typically occurring only around Tuesday.The recent market trend has been concentrated within two days per week, and overall market activity remains relatively sluggish.It is worth noting that Token2049 has not had any significant news affecting the market.
Interestingly, ETH's bearish position has significantly increased, leading to a gradual return of bias to zero.Despite a decrease in trading activity this week, large investors continue to bet on sustained low volatility.
From now on, the performance of Ethereum remains to be observed.ETH prices mainly fluctuate around the 1600 level.
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