Ether (ETH) has been facing a bearish regression channel since Sept. 1, although it is currently battling to break its resistance.
But despite some headwinds, ETH bulls will likely profit $115 million on Friday’s weekly Ether options expiry. The 21% pump over the past week was just enough to make the entire $250 million worth of neutral-to-bearish put options worthless.
Ether price in USD at Coinbase. Source: TradingViewRegulatory fear limits the upside
Understandably, negative headlines about increasing regulatory scrutiny toward crypto may have subdued prices last month, particularly as China outright banned all cryptocurrency activity in the country.
Major crypto exchanges, including Binance and Huobi, halted most of their services in mainland China, and a couple of the largest Ethereum mining pools were forced to shut down completely.
The negative press