Derivatives data and strong fundamentals back retail and professional traders’ bullish stance on ETH price.
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Derivatives data and strong fundamentals back retail and professional traders’ bullish stance on ETH price.
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Ethereum’s upcoming London hard fork could provide a perfect entry point for bullish ETH options traders.
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A $2,200 Ethereum price would give bulls a $28 million advantage in this week’s ETH options expiry, but traders are more focused on the impact of the London hard fork in mid-July.
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Data shows traders are buying $400 protective puts while also holding $7,000 call options, a signal that traders either have mixed emotions or are just cashing in on the upfront premium.
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Ethereum bulls may have flipped $2,400 back to support, but Friday’s ETH options and futures expiry will determine if traders press the pedal for $3,000.
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It seems the low funding rate on ETH futures contracts and the recent 96% rally are not enough to convince traders to buy the Ethereum price dip.
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Open interest in Ether options trading has increased from $50 million to $4 billion over the last year.
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Ethereum price is back on the path to a new high but this key ETH derivatives metric signals that pro traders are exercising caution.
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$250 million in Ethereum options are set to expire on April 23 and derivatives data shows bulls still have a slight advantage.
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