Ethereum broke through its resistance and is on the brink of $1,500. Is a cryptocurrency bull market coming?
Bitcoin and cryptocurrencies opened the week with a significant rise in their price. And one of the best performers was Ethereum (ETH), which managed to overcome the resistance of $ 1,400 that it had for several weeks.
The cryptocurrency, considered the second most important in the market due to the large number of practical applications that its network has, was established at over $1,400 and was close to $1,500 today.
This represents a positive variation of 8.4% in the last 24 hours, while on a weekly level it is already 27% higher. This is the best performance of the 10 cryptocurrencies with the highest market volume.
How Bitcoin Opened Today
The opening of Bitcoin is the main reason why the rises that are being registered in the last few hours attract attention. And it is that it represents a significant increase since the fall due to the Luna/Terra crisis that has been suffering for a few weeks.
Crypto Trader/Analyst Rekt Capital posted on Twitter that, “#BTC still remains below the 200-week MA resistance. Until that level breaks, it’s technically premature to assume this is now a sustained relief rally.”
As explained by the Whalemap platform, which specializes in following the movement of the cryptocurrency, it is currently the “best time to buy Bitcoin” if current yields are taken into account.
Current Situation of the Rest of the Market
As for the rest of the market, the ten cryptocurrencies with the highest volume are in the green with positive price variations ranging from 2% to 8% up in the last 24 hours.
The only positive case is that of Cardano (ADA), which reported a rise of 7.5% in the last 24 hours to leave its price at $0.41. As for the rest of the quotes, the prices varied as follows:
- Binance Coin (BNB): $259 (2.7% up)
- Ripple (XRP): $0.36 (2.6% up)
- Solana (SOL): $41 (4.7% up)
- Dogecoin (DOGE): $0.06 (2.9% up)
On a weekly basis, all cryptos are in the green. BNB is up 11%, XRP is up 10%, DOGE is up 2%, ADA is up 8%, and SOL is up 18% from its price a week ago.
Some Traders Buying Large Amounts of Call Options
The six-month put-call bias, which measures the cost of puts (bearish bets) relative to calls (bullish bets), fell below zero to -4%, the lowest figure since January 3, according to data provided by the Skew analysis platform.
The negative spin indicates that the premium paid by call option buyers for six-month upside protection is now greater than the cost paid by put buyers for downside insurance.
One-week, one-month, and three-month put-call biases have all seen a similar drop below zero, also the first since early January, in a sign of relatively stronger renewed demand for short- and medium-term bull bets.
The change in sentiment validates Ether’s ongoing rally, allegedly triggered by developers recently citing September 19 as a tentative date for the completion of Ethereum’s long-awaited transition from a proof-of-work consensus mechanism to proof-of-stake.
“At this point, some traders are buying a lot of calls (which typically expire after a week) and the underlying asset in the spot market,” said Griffin Ardern, volatility trader at crypto digital asset management firm Blofin.
By Audy Castaneda
