In the last few weeks, the price action of Ethereum is closely linked to the Bitcoin.
Although this has led to in recent times, a continuing sideways trend, it has in the last few days in favour of the ETH, since you could Dodge most of the Altcoins recorded a downturn.
The crypto-currency shows signs of both technical and fundamental strength. This has prompted an analyst to a significant upward movement in the direction of $ 350 to strive for.
The explosive growth of the Ethereum option market also indicates that traders expect in the coming weeks and months, largely with a considerable movement.
Ethereums technical Outlook is reinforced analysts confident
Despite the increased volatility today Ethereum remains within its macro-economic Trading range between $230 and $250 taken prisoner.
The second-largest digital asset has respected these two levels as support and resistance and now seems to be preparing to test the upper limit of this range.
At the time of writing, Ethereum trade at a price of 244$. This is a remarkable increase compared to its recent low of$ 230, which had consolidated in the past week.
Today’s movement takes place even in the face of immense turmoil among the Altcoins, many of them lose up to five per cent or more.
One Analyst even believes that Ethereum could aspire to in the near future, $ 350.
In a recent Blog post, the Analyst writes that He believes that it’s a clean break about 244 dollars could trigger in the coming hours, a rally that allows the Asset to reach new highs for the year 2020.
“This resistance mark of $242/244 is already for some time been an important resistance mark and price for your actions… That should give bulls the impetus to get a clear Test of $350.”
Image courtesy of Cactus. Chart on trading view.
He also sees signs of accumulation, if you look at the price action of the crypto-currency in the high time frames.
ETH-OI rises to $180 million
The option market of Ethereum seems to expect impending volatility.
A report from Arcane Research, according to the ETH-option-market currently has an Open Interest of 180 million dollars and is poised to reach a new all-time high.
Image courtesy of Arcane Research. Data on Skew.com and the Digital Assets Data
The rapid recovery of the OI of Ethereum options according to the latest monthly and quarterly decline in June suggests that traders at ETH with impending volatility expected.
Since the OI is increasing in this market fragment further, will also his influence on the future Course of ETH greater – which is why it is important to observe future contract processes.