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Ethereum bulls are on the move – What now?

2min Read

Trader optimism rises as Ethereum’s price climbs up over the last few days. The uptick in gas usage and network growth reflects growing interest in Ethereum’s ecosystem.

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  • ETH prices surged as traders became hopeful.
  • Gas usage on ETH rose while overall interest in the network grew.

Even though Ethereum [ETH] was late to the crypto rally, over the past few days, ETH prices have more than compensated for the delay.

Bulls take the lead

ETH saw an increase in Block trades in the last few days, totaling 60,000 options and making up 40% of the day’s volume, valued at $120 million.

The primary trades were Dec-calls, featuring a significant number of naked-buy ITM options, including a large order nearing $50 million, potentially closing out a previous market maker’s position.

In the ongoing bull market, some significant investors established long positions in October, reaping profits. The bull market persists, and these major investors are yet to close their positions, maintaining their optimistic stance.

The heightened trading activity, particularly in December calls and large orders, could influence Ethereum’s price dynamics. If the bullish sentiment continues, it may lead to an upward trend in ETH prices.

However, the market’s reaction to such large trade and options activity can also introduce volatility, impacting short-term price movements.

Market makers closing out positions or adjusting strategies could contribute to increased volatility. Traders need to stay vigilant, considering these factors when making decisions.

Ethereum’s price performance is interconnected with market sentiment, and ongoing trends could shape the trajectory of ETH in the near term

State of ETH

At press time, ETH was trading at $2,112.79. It had grown by 9.6% in the last 24 hours. This surge might draw more investors, possibly driving prices higher.

Its network growth also spiked. This indicated that new addresses were showing interest in the token.

Moreover, the velocity of ETH had also grown. A rising velocity meant that the number of times ETH was being transferred increased.

These factors bode well for ETH. The possibility of ETH reaching even higher may become a reality if these bullish trends continue.

Is your portfolio green? Check out the ETH Profit Calculator

In terms of the state of the network, the gas used on the network has remained high. This implied that activity on the network was high and interest in the protocol was soaring.

High usage of the Ethereum network could help with ETH’s price, during volatile times.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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