- 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
Crypto Today: US Senator tells Fed to buy BTC, DOGE demand hit $12B, NVIDIA bets drive AKT
Dogecoin's price gained 4% within the daily timeframe to reclaim the $0.40 territory. With selling pressure in decline, on-chain signals suggest DOGE bulls could set sights on a breakout to $0.50.
Ethereum Price Forecast: ETH could see a decline as on-chain and derivatives data paint bearish picture
Ethereum (ETH) declined below $3,100 on Tuesday as market sentiment surrounding the top altcoin is turning bearish. On-chain data reveals that investors are potentially withdrawing and putting sell pressure on exchanges.
Coinbase set to delist WBTC amid cbBTC expansion
Coinbase announced via an X post on Tuesday that it will suspend WBTC trading across all its platforms on December 19. Meanwhile, the exchange also revealed that its wrapped Bitcoin token, cbBTC, launched on Arbitrum earlier today.
Dogecoin Price Forecast: Selling pressure drops 95% as DOGE traders target $0.50 breakout
The Dogecoin price breached the $0.40 resistance on Monday, rebounding from a 15% pullback. On-chain transaction flows observed this week suggest DOGE could be on the verge of another leg-up toward $0.50.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.