- Ethereum put/call ratio for options expiring on January 26, 2024 is 0.19.
- ETH put/call ratio is 0.38, as on December 8, according to Deribit data.
- Ethereum price sustained above the $2,300 level on Binance, as the altcoin printed nearly 13% weekly gains.
Ethereum, the second largest asset by market capitalization is on track to rally towards its $2,500 target in the ongoing cycle. Evaluating derivatives data reveals a bullish bias among market participants in January 2024.
Also read: Solana price breaches key weekly resistance, SOL gains are likely sustainable
Ethereum derivatives traders are bullish on ETH in 2024
Data from Deribit reveals an underlying bullish bias among derivatives traders, on Ethereum. The put/call ratio is considered an indicator of the mood among market participants. It is a contrarian indicator and it looks at options buildup. Put/call ratio helps traders understand whether it is time to make a contrarian call on an asset.
For Ether, the put/call ratio is 0.38 on December 8, as seen on Deribit. For options contracts with January 26, 2024 expiry, the put/call ratio is 0.19. This rounds off to nearly 2 puts every 10 calls, a bullish bias among derivatives traders.
Ethereum open interest by strike price
For December 29 expiry, there are twice as many calls as puts and this implies Ethereum’s derivatives traders are bullish on ETH price rally by the end of December. The altcoin is currently trading at $2,359 on Binance. The altcoin has sustained above the $2,300 level while Ethereum is in its uptrend. The altcoin has yielded nearly 13% weekly gains and upwards of 25% monthly gains for traders in the past month. The altcoin’s trade volume has surged to $12.36 billion in the past 24 hours.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC & ETH rebound, XRP rallies ahead of CPI data
Bitcoin and Ethereum prices continue to recover on Wednesday after finding support around their key levels this week. On the other hand, Ripple remains strong and found support around its upper symmetrical triangle boundary.
Ripple donates $100,000 to California wildfire relief efforts; XRP investors anticipate SEC's opening brief
Ripple is up 5% on Tuesday following recent positive developments surrounding its ecosystem and JP Morgan's prediction of over $8 billion in inflows into XRP ETF if it gains approval from the Securities and Exchange Commission.
Bitcoin could lose its diversification status as correlation with stocks increases
Bitcoin's rising correlation with the traditional stock market is gradually affecting its role as a portfolio diversifier. This trend has been visible following Bitcoin's similar reactions to the S&P 500 upon macroeconomic data releases.
Crypto Today: BTC taps $97K, DOGE and XRP in green as SEC sues Musk ahead of Trump Inauguration
The cryptocurrency sector rose by 2.4% on January 14, with the aggregate market capitalization crossing $3.3 trillion. Bitcoin price reclaimed the $97,000 resistance level, with technicals signaling upside ahead.
Bitcoin: Room for a recovery or continuation of the pullback?
Bitcoin’s price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.