Ethereum price over $2k here to stay?
The rise in price for Ethereum is proof that crypto hype is for real. Now that BTC is trying to get over $60,000 the 2nd largest market cap in crypto is mooning. ETH over the course of the day reached as high as $2,100 but now hovering right above $2,000. Holders of ETH maybe wondering when it will continue its price rise?
Heavy Call Options in ETH
Off the bat one evidence that is making people believe ETH can continue above $2k is the current options open interest.
(Courtesy of coindesk.com)
The options for ETH to expire this coming Friday 4/9 is showing a heavy call option at strike price of 2000. Since ETH is over $2,000 this means the amount of calls are in the money hence supportive of ETH current prices. There is another spike in calls at $2,100 but less than half compared to 2,000 strike. Basically actual price of ETH getting over $2,000 will likely mean there is big support if the price tries to drop under that price come this April 9th.
Looking Further Ahead in Options
(Courtesy of bybt.com)
There is increasing interest in option buying with ETH in the present price rise. Heading into June it see a lot of call options buying at higher prices.
There could be supportive reasons for ETH to rise as high as $3,200 per the strikes bought out at June. One of the reason is the EIP-1559 set to go live on July 2021. Short summary of EIP-1559 is a protocol upgrade where mining ETH will harvest less tokens for miners. In turn end users who use ETH for transactions will have to pay less fees. In addition the transfer of ETH will burn some ETH lowering the overall supply. This in the long run would allow more adoption use of ETH and creating higher demand in the face of a lower supply of ETH.
ETH Supply already Shrinking?
Ki Young Ju, CEO of CryptoQuant who specializes in crytocurrency trading with the use of quantitative analysis recently spotted a large order of ETH removed from coinbase. Assumption is institutions have bought the amount and removed it from the exchange to store in a cold wallet. The amount that was removed from the exchange is over 400,000 ETH, which equates to over $800,000,000 at current ETH prices.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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Ethereum is doing very good right now
Imaging with the new update
I think it could easily hit 5k
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