ANALYSIS: ETH Price Action Similar to Last August's Bottom, Several Indicators Show Bullish Signals
According to reports, ethereum (ETH) price action is now similar to when it bottomed out in August last year, suggesting that a new rally could be on the horizon. Data shows that ETH is down 32 per cent since mid-December 2024 to $2,770, significantly lagging behind Bitcoin's performance.
Jake Ostrovskis, an over-the-counter (OTC) trader at cryptocurrency market maker Wintermute, said demand for over-the-counter (OTC) trading in ETH remained strong, despite market volatility over the weekend that caused some funds to blow up their positions. The US spot ETH ETF saw net inflows of $420 million this week, or about 13 per cent of the $3.18 billion total inflows since listing, according to the data.
In the options market, large call option trades on the Deribit exchange, including a combination of calls with a buy strike of $3,500 and a sell strike of $5,000 and an expiry date of 26 December 2025, suggest investors are bullish on ETH crossing $5,000 by the end of the year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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