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Thursday, June 17, 2021

Ethereum Traders Have Mixed Opinions Regarding Its Future

After Ethereum got reviewed for its options on the 25th of June, it was quite expected that the traders would have a polarizing attitude towards it. As it stands, there have been large bets paid on the ETH prices– with some coming below $1,000, while others have aimed a much higher $3,800. 

There has been a report from Coinshares that highlighted the fact that Ether was seeing consistent net inflows after several weeks of record outflows. The report also stated that the vehicles of Ether also saw an increase of $47 million in net inflows. This helped bring up the market dominance to 27%. 

DeFi Growth Supports Higher Ethereum Prices

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The biggest positive factor in the entire equation is that the protocols of DeFi have maintained a total value of $48 billion, even after the sector took quite a hit with the recent price crash of Ether. The network did see an increase of 57% over the last couple of months which does help the investors- whereas crypto traders have embellished the situation that took place a couple of weeks back.

Soon, the value of Ether dropped from its all-time high of $4,380 on the 12th of May- whereas the traders did scramble to put up their protective options down to $400. 

Yet, from another perspective, the transition to the proof-of-stake consensus model has been considered to be the root for most of the positive expectations. The improvement proposal named EIP-1559 has been fixed for the next month- which could also be quite a significant development- with most traders setting their price targets between $4000 and $10,000. 

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As of now, the Ethereum options number stands around 623,800 which expires on the 25th of June- where the total comes to $1.75 billion open interest. Currently, neutral-to-bullish options stand at 29% which is more represented.

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