Ethereum bulls are on the move – What now?
The post Ethereum bulls are on the move – What now? appeared on BitcoinEthereumNews.com.
Journalist Posted: November 14, 2023 ETH prices surged as traders became hopeful. Gas usage on ETH rose while overall interest in the network grew. Even though Ethereum [ETH] was late to the crypto rally, over the past few days, ETH prices have more than compensated for the delay. Bulls take the lead ETH saw an increase in Block trades in the last few days, totaling 60,000 options and making up 40% of the day’s volume, valued at $120 million. The primary trades were Dec-calls, featuring a significant number of naked-buy ITM options, including a large order nearing $50 million, potentially closing out a previous market maker’s position. In the ongoing bull market, some significant investors established long positions in October, reaping profits. The bull market persists, and these major investors are yet to close their positions, maintaining their optimistic stance. The heightened trading activity, particularly in December calls and large orders, could influence Ethereum’s price dynamics. If the bullish sentiment continues, it may lead to an upward trend in ETH prices. However, the market’s reaction to such large trade and options activity can also introduce volatility, impacting short-term price movements. Market makers closing out positions or adjusting strategies could contribute to increased volatility. Traders need to stay vigilant, considering these factors when making decisions. Ethereum’s price performance is interconnected with market sentiment, and ongoing trends could shape the trajectory of ETH in the near term Back on the business day, ETH began to see more Block trade again, with 60,000 options accounting for 40% of the day’s total volume, with a notional value of $120 million.The main trade is Dec-calls, the largest of which included a large number of naked-buy ITM options, with a… pic.twitter.com/usnN0NK864 — Greeks.live (@GreeksLive) November 13, 2023 State of ETH At press time, ETH was trading…
Filed under: News - @ November 14, 2023 10:16 am