Traders expect Ethereum price to drop further ahead of Friday’s $550M options expiry

Traders expect Ethereum price to drop further ahead of Friday’s $550M options expiry


Ether’s (ETH) 330% year-to-date gain has been largely fueled by the growth of decentralized finance and the explosion of non-fungible tokens. Proof of this comes from OpenSea, the largest NFT marketplace, surpassing the impressive mark of $10 billion in accumulated trading volume.

However, traders worry that the 15% correction that followed the $4,870 all-time high on Nov. 10 could indicate that a larger bearish movement is in place. The rupture of the 55-day ascending channel reinforces this thesis and Nov. 19’s $550 million Ether options expiry will likely favor bears.

Ether/USD price on Bitstamp. Source: TradingView

Trending: WATCH: Republican Voter In Florida Congressional Race Was Told By Poll Worker That Republicans Could Not Vote

Ethereum’s $86 billion total value locked in smart contract contracts, represents 70% of the market and this metric has increased by 25% over the last two months, signaling that the industry leader

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend