2 Key Ethereum Price Indicators Indicate Traders Are Opening Long Positions
Ether price still at risk of falling below $1000, but data indicates traders are opening new longs .
The price of Ether (ETH) could not close above $1,400 in the past 29 days and traded in a relatively tight range of $150. At the moment, the $1,250 support and $1,400 resistance look hard to break, but two months ago Ether was trading at $2,000. Ether's current price range simply reflects the volatility of cryptocurrencies.
On the one hand, investors are calm as Ether trades 50% above the $880 intraday low on June 18. However, the price is still down 65% year-to-date despite the most exciting upgrade in the network's seven-year history. .
Most importantly, Ethereum's biggest rival, BNB Chain, suffered a cross-chain security exploit on October 6th. The $568 million exploit caused BNB Smart Chain to temporarily suspend all transactions on the network, which holds $5.4 billion in smart contract deposits. .
Ether has underperformed competing smart contract network currencies such as Binance Chain's BNB (BNB), Cardano's ADA (ADA) and Solana (SOL) by 14% since September, even though its TVL in ETH has increased by 9% over the period. This suggests that Ethereum network issues, such as the $3 average transaction fee, have weighed on the price of ETH.
Ether vs. MATIC, SOL, BNB: Source : TradingViewTraders should look at Ether derivatives market data to understand how whales and market makers are positioned.
Options traders remain moderately risk averseThe 25% delta skew is a telltale sign whenever professional traders overcharge for upside or downside protection. For example, if traders were expecting a crash in the price of Ether, the bias indicator for the options markets would exceed 12%. On the other hand, generalized arousal reflects a negative bias of 12%.
Ether price still at risk of falling below $1000, but data indicates traders are opening new longs .
The price of Ether (ETH) could not close above $1,400 in the past 29 days and traded in a relatively tight range of $150. At the moment, the $1,250 support and $1,400 resistance look hard to break, but two months ago Ether was trading at $2,000. Ether's current price range simply reflects the volatility of cryptocurrencies.
On the one hand, investors are calm as Ether trades 50% above the $880 intraday low on June 18. However, the price is still down 65% year-to-date despite the most exciting upgrade in the network's seven-year history. .
Most importantly, Ethereum's biggest rival, BNB Chain, suffered a cross-chain security exploit on October 6th. The $568 million exploit caused BNB Smart Chain to temporarily suspend all transactions on the network, which holds $5.4 billion in smart contract deposits. .
Ether has underperformed competing smart contract network currencies such as Binance Chain's BNB (BNB), Cardano's ADA (ADA) and Solana (SOL) by 14% since September, even though its TVL in ETH has increased by 9% over the period. This suggests that Ethereum network issues, such as the $3 average transaction fee, have weighed on the price of ETH.
Ether vs. MATIC, SOL, BNB: Source : TradingViewTraders should look at Ether derivatives market data to understand how whales and market makers are positioned.
Options traders remain moderately risk averseThe 25% delta skew is a telltale sign whenever professional traders overcharge for upside or downside protection. For example, if traders were expecting a crash in the price of Ether, the bias indicator for the options markets would exceed 12%. On the other hand, generalized arousal reflects a negative bias of 12%.
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