The cryptocurrency of Ethereum went into a slightly bullish enterprise early, and the price of Ether seems to be moving towards a level of $3,800. Despite the recent movement in the price, the bulls of the cryptocurrency have been setting themselves up to bag a profit of $53 million on the 15th of October’s weekly options expiry.
Several investors have also turned out to be pretty disinterested in the recent underperformance of Ether versus Bitcoin, which has resulted in the gains of the altcoin to stand at 265%. If Ether does manage to stay above the sum of $3,600 on Friday, around $180 million sell options will turn worthless.
Ethereum Bears need sub-$3,500 to balance the scales
The competitors of Ethereum’s smart contract have been continuing to pressurize the leading network, and currently, the average gas fees of Ether do stay above $20. Polkadot has been prepping itself to start its sidechain auctions from the 11th of November- and this will definitely launch new token launches, applications of decentralized finance, IoT solutions- most of it moving through trustless cross-network bridges.
The current week also saw the Binance Smart Chain putting out their plans of launching a $1 billion fund which would help speed up the process of adoption throughout the entire crypto industry. Usually, most investors interpret the potential incubation events backed by blockchain projects- usually through Ethereum- as heavily bullish for their native assets. Utilizing this, the price of BNB managed to gain around 30% since the announcement came through.
With the 15th October expiry coming through, the market bears will definitely have a difficult time suppressing this bull run. Nonetheless, with the competition, the network of Ethereum faces, along with the high gas fees, the demand of investors for DeFi seems to be growing enough to keep Ether in an uptrend.