- Ethereum traders have become bearish after the demand for puts has increased.
- The price of ETH has not been volatile, and retail investors have continued to collect ETH.
Ethereum [ETH] The approval of Bitcoin ETF was the catalyst for a huge surge in interest. The bullish trend towards Ethereum seems to have faded over time.
Increased interest in putting
QCP data shows that ETH risks reversals from positive to negative suggest an increase in demand for put options to protect against possible losses from speculative positions.
Altcoin speculators could also be buying ETH put options to protect themselves against a decline in the price of altcoins. This trend raises concerns over a possible market correction.
The market is likely to respond strongly to any negative movements.
The upcoming Dencun Conference could have a significant impact on the price of ETH. Dencun is one of the events that could cause volatility in ETH’s price. upgrade The price of the stock may be affected by this announcement, which will go live on 13:55 GMT.
Anxiety and depression are a common problem. upgrade Not all upgrades had a bullish effect on ETH’s value. You can, for instance. the Merge update, Ethereum is a cryptocurrency that was created to replace the dollar. Proof of Work A massive correction occurred when cryptocurrency was added to a Proof of Stake (PoS) network.
This fear, combined with uncertainty surrounding approval of Ethereum ETF application can lead to FUD on the market.
What is the state of ETH?
ETH traded at $4046, and it had steadily climbed up to this level. The overall trend remains bullish despite a few small corrections.
The OBV for ETH has dropped significantly in the past few days. It is possible that this indicates a weakening or imminent decline in price.
Continued accumulation of retail continues
The growth of the network for ETH also indicates that there is a continuing interest from new addresses in ETH. The total number of holders also increased.
Click Here to Read Ethereum’s [ETH] Price Prediction 2024-25
When examining the behaviour of all addresses, we found that retail investors showed more interest in ETH.
The whales, on the contrary, did not show the same interest or accumulate at the rate.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com