Top 5 cryptocurrencies to watch this week: BTC, VET, SOL, EOS, FTT

The bulls are trying to stabilize Bitcoin price and if they succeed, VET, SOL, EOS and FTT could quickly bounce back to their local highs.

Bitcoin (BTC) price witnessed a sharp dump to $50,900 on April 18, which some analysts attribute to a drop in hash rate and rumors of possible action by United States regulators against unnamed “financial institutions” alleging crypto-related money laundering.

While it is difficult to pinpoint a single reason, the sale of roughly $5 billion worth of COIN stock by Coinbase executives could have also played a major role in the fall. Insider selling, especially just a few days after a high-profile listing is considered a bearish sign.

Crypto market data daily view. Source: Coin360

After this most recent pullback, investors will be on the fence on whether they should buy the dips or close their positions in anticipation of further decline? Traders should keep a close watch on the strength in the recovery as that will provide an insight about the next possible move.

Let’s study the technicals of the top-5 cryptocurrencies that could attempt to lead the recovery in the next few days.

BTC/USDT

Bitcoin’s failure to rebound off the 20-day exponential moving average ($59,053) on April 17 showed the lack of buying on dips. The selling picked up pace today after the price slipped below the 50-day simple moving average ($56,264).

BTC/USDT daily chart. Source: TradingView

However, the long tail on today’s candlestick suggests that buyers are attempting to stall the decline at $50,460. If the rebound sustains, the bulls will again try to resume the uptrend but they are likely to face stiff resistance between $61,825.84 and $64,849.27. A breakout of this resistance zone will suggest that the current fall was only a pullback to shake out the weak hands.

On the other hand, the failure to sustain the rebound or build upon the bounce in the next few days will indicate that demand dries up at higher levels. That is likely to invigorate the bears who will then try to assert their dominance and break the $50,460 support.

If they manage to do that, selling could intensify as the short-term speculators and traders may also dump their positions. That could pull the price down to $43,006.77. This is an important level to watch out for because a break below it will suggest that the BTC/USDT pair has topped out in the short term.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls purchased the drop to $50,460 aggressively but the recovery is facing resistance at $56,500. This suggests that traders stuck at higher levels are closing their positions on rallies.

However, the positive sign is that the bulls have not given up the fight. They are trying to defend $53,000 support. This could result in a tight consolidation between $53,000 and $56,500 for a few days.

If the price breaks above $56,500, the pair could rally to the 20-EMA, which is again likely to act as a resistance. If the price turns down from this level, the pair could retest $53,000 and then $50,460.

The downsloping moving averages and the relative strength index (RSI) near the overbought territory show the bears have the upper hand.

VET/USDT

VeChain’s (VET) sharp rally on April 16 had pushed the RSI above 87, indicating the rally was getting overheated in the short term. The altcoin tried to extend its up-move on April 17 but the long wick on the day’s candlestick showed that traders booked profits at higher levels.

VET/USDT daily chart. Source: TradingView

The selling continued today and the VET/USDT pair slumped to $0.169, just above the 61.8% Fibonacci retracement level at $0.16. However, the long tail on today’s candlestick shows strong buying at lower levels.

If the bulls can sustain the rebound, the pair will once again attempt to rise to the overhead resistance at $0.279. A breakout of this resistance could resume the uptrend. The next target objective on the upside is $0.362.

On the other hand, if the price turns down from $0.279, the pair could remain stuck in a range for a few days. This positive view will invalidate if the bears sell on rallies and sink the price below the $0.16 support.

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls purchased the drop to the 50-SMA but the recovery hit a wall at $0.227. The bears tried to resume the correction but the bulls again purchased the dip below the 20-EMA. This shows bears are selling on rallies and bulls are buying on dips.

The bulls are currently attempting to sustain the price above the downtrend line but are facing stiff resistance from the bears. If they can overpower the bears and keep the price above the downtrend line, the pair could rally to $0.253 and then to $0.279.

Conversely, if the bears again sink the price below the 20-EMA, the pair could drop to the 50-SMA. A break below this level will tilt the advantage in favor of the bears.

SOL/USDT

Solana (SOL) had been in a corrective phase since hitting an all-time high at $29.92 on April 12. Although the price plunged below the 20-day EMA ($24.49) today, the bears could not capitalize on the advantage. The altcoin has quickly bounced back above the 20-day EMA, indicating strong demand at lower levels.

SOL/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand. If they can drive the price above $29.92, the SOL/USDT pair could resume the uptrend and rally to $38.72.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it will suggest that traders are closing their positions on rallies. The pair could then decline to $21 and later to the 50-day SMA ($18.60).

SOL/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the break below $24.70 attracted sharp selling but the bears could not sustain the lower levels. The pair rebounded strongly and climbed back above the $24.70 level.

If the bulls can propel the price above $28.64, a retest of $29.92 is possible. The 20-EMA is turning up and the RSI has jumped above 55, indicating the bulls have a slight advantage in the short term.

However, if the price turns down from the current level and breaks below $24.70, the next stop could be $21.10. Such a move will suggest that bears have overpowered the bulls, which could result in a deeper correction.

EOS/USDT

EOS turned down from the stiff overhead resistance at $8.69 after the bulls failed to push and sustain the price above it on April 16 and 17. The sharp selling pulled the price down to $5.86, just above the breakout level at $5.60.

EOS/USDT daily chart. Source: TradingView

If the bulls can flip $5.60 into support, the EOS/USDT pair could again try to move up to $8.69. A break above $8.69 may start the next leg of the uptrend that could reach $11. Alternatively, if the price turns down from $8.69, the pair could remain range-bound for a few days.

This positive view will be negated if the bears sell on rallies and sink the price below the breakout level at $5.60. Such a move could pull the price down to the 50-day SMA ($4.98), signaling that bears are back in the driver’s seat.

EOS/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls are trying to start a relief rally. If they can sustain the price above $6.93, the pair could rally to the 20-EMA where the bears are likely to offer a stiff resistance.

If the price turns down from the 20-EMA, the pair may again drop to $6.17 and then to $5.60. Such a move will suggest that sentiment has turned negative and the bears are selling on rallies.

Conversely, if the bulls can push the price above the 20-EMA, the momentum could pick up and the pair could rally to $8.69.

FTT/USDT

FTX Token (FTT) has been in a corrective phase since topping out at $59.57 on April 14. The price plummeted below the 20-day EMA ($48) today but the long tail on the candlestick shows strong buying at lower levels.

FTT/USDT daily chart. Source: TradingView

If the bulls can sustain the price above the 20-day EMA, it will indicate that the uptrend remains intact. The bulls will then try to resume the uptrend by pushing the price above the $59.57 resistance.

If they succeed, the FTT/USDT pair could start its northward march toward the next target objective at $71.89.

Contrary to this assumption, if the bears sustain the price below the 20-day EMA, the selling could intensify, which could pull the price down to the 50-day SMA ($40). A break below this support will suggest that the pair has topped out in the short term.

FTT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls are trying to stall the correction between the 50% Fibonacci retracement level at $45.62 and the 61.8% retracement level at $42.33. The relief rally is likely to face stiff resistance from the 20-EMA.

If the price turns down from the 20-EMA, it will suggest that traders are selling on rallies. The bears will then try to sink the price below $44. If they succeed, the pair could slump to $40 and then to $37.

On the contrary, if the bulls can push the price above the 20-EMA, the pair may rally to $54.62 and then to $59.57.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 4/16: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, UNI, LINK

Bitcoin’s weakness and Dogecoin’s epic pump are signals that the market could be overheating and in need of a short-term correction.

Dogecoin’s (DOGE) massive rally to $0.45 propelled it to a market capitalization of over $54 billion to make it the fifth most valuable cryptocurrency by market cap.

This lofty market cap comes as a surprise to many since the project has no active developers and is only a meme coin, thus the current rally brings back memories of the excesses seen during the ICO boom in 2017.

Rallies like the one seen in Dogecoin indicate that several traders have entered the fray and are looking to get rich overnight. The only positive sign is that the mania has not spread to other coins. If it does, then the crypto markets are likely to witness a sharp correction in order to shake out the weak hands.

CNBC host Jim Cramer has become one of the first well-known people to reveal that he closed half of his Bitcoin (BTC) position. While Cramer’s selling is an isolated event, it does warn that not all professional investors who have recently turned Bitcoin believers are going to be long-term HODLers.

Daily cryptocurrency market performance. Source: Coin360

If the institutional investors rush to the exit, it could cause a huge correction in several cryptocurrencies. Traders should be mindful of irrational exuberance and avoid being sucked into FOMO-driven trades as it’s better to stick to a trading plan and think long-term rather than dream of overnight riches.

Let’s study the charts of the top-10 cryptocurrencies to identify the critical support levels and outline various bullish and bearish scenarios.

BTC/USDT

The bulls could not capitalize and build upon the breakout of the overhead resistance zone at $60,000 to $61,825.84 on April 13. Bitcoin price turned down on April 14 after hitting an all-time high at $64,849.27 and the bulls are currently attempting to flip the $60,000 level to support.

BTC/USDT daily chart. Source: TradingView

If they manage to do that, the BTC/USDT pair may make one more attempt to resume the uptrend. A breakout of $64,849.27, could start the next leg of the uptrend that could reach $69,540 and then $79,566.

However, the negative divergence on the relative strength index (RSI) is warning of a possible correction. Interestingly, the price reversed direction when the RSI had reached close to the downtrend line.

If the price dips below the 20-day exponential moving average ($59,427), it will be the first sign that buyers may be losing their grip. The break below the 50-day simple moving average ($55,814) will further cement the view that a deeper correction is likely.

The bulls may attempt to arrest the decline near $50,460.02 but if this level cracks, the pair could drop to the critical support at $43,006.77.

ETH/USDT

Ether (ETH) extended its uptrend and hit an all-time high at $2,545.80 today. Profit-booking by traders pulled the price down to $2,300 but the long tail on the day’s candlestick suggests that bulls continue to buy on dips.

ETH/USDT daily chart. Source: TradingView

If the price recovers and the bulls push the price above $2,545.8, the ETH/USDT pair could start the next leg of the uptrend. The next target objective on the upside is $2,745 and then the psychological level at $3,000.

The upsloping 20-day EMA ($2,131) and the RSI near the overbought territory suggest the path of least resistance is to the upside. This bullish view will be invalidated if the price turns down and breaks below the 20-day EMA. Such a move could pull the price down to $1,925.10.

BNB/USDT

Binance Coin (BNB) formed a Doji candlestick pattern on April 14 and that was followed by an inside day candlestick pattern on April 15. Both these setups indicate indecision among the bulls and the bears. This uncertainty resolved to the downside today.

BNB/USDT daily chart. Source: TradingView

However, a minor positive is that the bulls are defending the 38.2% Fibonacci retracement level at $483.95, as seen from the long tail on the day’s candlestick. The bulls will now try to push the BNB/USDT pair above the all-time high at $638.56 and resume the uptrend.

Conversely, a break below $483.95 could pull the price down to the 20-day EMA ($437). A break below this support will suggest that the traders are rushing to the exit and that could result in a drop to the breakout level at $348.69.

XRP/USDT

XRP is currently correcting the sharp rally. The bulls are attempting to defend the first support at the 38.2% Fibonacci retracement level at $1.48, as seen from the long tail on the day’s candlestick.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair may now consolidate between $1.48 and $1.96 for a few days before starting the next trending move.

A break above $1.96 could start the next leg of the uptrend that could reach $2.54. The rising moving averages and the RSI in the overbought zone suggest the bulls have the upper hand.

Contrary to this positive assumption, if the bears sink the price below the $1.48 support, the pair could drop to the 20-day EMA ($1.18). Such a move will suggest the bullish momentum has weakened and that could delay the next leg of the uptrend.

DOGE/USDT

Dogecoin’s momentum has been picking up since the past three days and that has resulted in the massive pump today. This shows that more and more traders are getting sucked into the trade due to FOMO.

DOGE/USDT daily chart. Source: TradingView

Usually, such buying frenzies end in a major top formation. After the last bull has purchased, the price reverses direction and the waterfall decline starts. It is difficult to predict a top during such a frenzy but the psychological $0.50 level may act as a hurdle.

The decline after the DOGE/USDT pair tops out is likely to be vicious. The usual 38.2% Fibonacci retracement level may not hold and the pair is likely to drop to the 61.8% Fibonacci retracement level at $0.20.

Traders should control the urge to get into such trades even at the risk of missing out on some profits.

ADA/USDT

Cardano (ADA) has been facing a tough battle between the bull and the bears near $1.48 for the past two days. Although the bulls managed to push the price above $1.48 today, the bears have been quick to pull the price back below the level.

ADA/USDT daily chart. Source: TradingView

After the third unsuccessful attempt to sustain the price above $1.48, the bulls seem to have dumped their positions today, resulting in the formation of an outside day candlestick pattern.

However, the long tail on today’s candlestick suggests the bulls bought the dips to the 20-day EMA ($1.28) aggressively. The bulls may now make one more attempt to drive the price above the $1.48 to $1.55 resistance zone.

If they manage to do that, the ADA/USDT pair could resume the uptrend and start the journey toward $2. Conversely, a break below the moving averages could offer the bears an opportunity to sink the price to $1.03.

DOT/USDT

The bulls pushed Polkadot (DOT) above the $42.28 level on April 13 but could not challenge the all-time high at $46.80. This shows a lack of demand at higher levels. The altcoin has dropped below $42.28 today and the bears will now try to sink the price below the 20-day EMA ($40).

DOT/USDT daily chart. Source: TradingView

If they succeed, the selling could pick up further as the bulls may rush to cover their positions. Such a move could sink the DOT/USDT pair to $32.50 and then to the critical support at $26.50.

Contrary to this assumption, if the price again rebounds off the 20-day EMA, it will suggest that bulls have not given up. They will make one more attempt to thrust the price above the $46.80 resistance and resume the uptrend.

LTC/USDT

Litecoin (LTC) is in a strong uptrend. The bears had tried to start a correction today but the bulls purchased the dips aggressively as seen from the long tail on the day’s candlestick. The reversal may have caught several aggressive bears on the wrong foot, which could be the reason for the pick-up in momentum.

LTC/USDT daily chart. Source: TradingView

The LTC/USDT pair has broken out of the target objective at $307.42, clearing the path for a rally to $374. However, the RSI above 76 signals caution because, in the past, the pair has repeatedly entered a correction when the RSI level reaches close to 80.

The critical support to watch on the downside is the 20-day EMA ($241). A break below this support will be the first sign that the bulls are tiring and a deeper correction is likely.

UNI/USDT

Uniswap (UNI) broke out to a new all-time high on April 15 but the bulls are struggling to sustain the higher levels. When the price fails to follow up higher after breaking out of a significant resistance, it indicates exhaustion.

UNI/USDT daily chart. Source: TradingView

However, the long tail on the day’s candlestick suggests the bulls continue to buy on dips. If the buyers can propel the price above the all-time high at $39.60, the UNI/USDT pair could rally to $43.43 and then $50.

On the other hand, if the price again turns down and breaks below the 20-day EMA ($32), several aggressive bulls who had purchased the breakout of $35.20 may bail out of their positions. The long liquidation could pull the price down to $27.97.

LINK/USDT

Chainlink (LINK) surged above the $36.93 overhead resistance on April 14, signaling the resumption of the uptrend. The altcoin hit an all-time high at $44.33 where profit-booking set in.

LINK/USDT daily chart. Source: TradingView

However, the long tail on the day’s candlestick suggests that the bulls aggressively purchased the dip to $38.52 today. This indicates that the sentiment remains positive and the bulls are buying at lower levels.

The buyers will now try to resume the uptrend by pushing the price above $44.33. If they succeed, the LINK/USDT pair could rally to $50.

Contrary to this assumption, if the price again turns down and breaks below the $36.93 support, the pair could drop to the 20-day EMA ($34). If this support cracks, the decline could extend to the 50-day SMA ($30).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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$420M in leveraged long traders liquidated after XRP rallies to $1.96

XRP price dropped by 20% shortly after making a 2021 high at $1.96, but have the altcoin’s bullish fundamentals changed?

XRP holders couldn’t have asked for a better year as the cryptocurrency rallied almost 800% and flirted with a $2 level in the early hours of April 14. 

In addition to achieving its highest level since January 2018, this robust price increase signals that investors are not worried about the ongoing SEC “unregistered securities offering” dispute.

However, just 6 hours after rallying to $1.96, XRP price crashed by more than 20%. During an interview, DCG Group CEO Barry Silbert said it would be risky for exchanges and companies in the United States to relist XRP ahead of receiving the SEC’s blessing. These remarks may have contributed to the unprecedented $420 million long liquidations on derivatives exchanges today.

XRP price in USDT at Binance. Source: TradingView

Over the past couple of weeks, the primary catalysts for XRP’s rally have been victories in Ripple’s legal battles. Lawyers representing Ripple were granted access to internal SEC discussions regarding cryptocurrencies, and more recently, a court denied the disclosure of two Ripple executives’ financial records, including CEO Brad Garlinghouse.

Considering the recent rally, pinpointing a single reason for the price correction will likely be inaccurate. Nevertheless, the impressive $420 million long liquidations past 24-hours exceed those of Feb. 1 when XRP price crashed by 46% in two hours.

XRP futures aggregate liquidations. Source: Bybt

The only logical reason behind this staggering liquidation is excessive leverage used by buyers. To confirm such a thesis, one must analyze the perpetual contracts funding rate. To balance their risks, exchanges will charge either longs or shorts depending on how much leverage each side is demanding.

XRP perpetual futures 8-hour funding rate. Source: Bybt

The chart above shows that the 8-hour funding rate is surpassing 0.25%, which is equivalent to 5.4% per week. Although this is excessive, buyers will withstand these fees during strong price rallies. For example, the current upward price move lasted for almost three weeks, and prior to that another took place in early February.

Blaming the liquidations exclusively on leverage seems a bit extreme, although it certainly played its part in amplifying today’s correction.

Moreover, the record growth in XRP futures open interest was accompanied by a hike in the volume at spot exchanges. As a result, the eventual impact from more significant liquidations should have been absorbed by the increased liquidity.

Cascading liquidations will always take place in volatile markets. Thus investors should focus on how long it takes until the price recovers from it.

Fundamentally, a 10% or 20% intraday drop should not be interpreted differently. The correction depends on how many bids were previously stacked at exchange orderbooks and is not directly related to investors’ bullish or bearish sentiment.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Record $8B open interest on Ethereum futures shows the pros are ‘here’

Analysts say billion-dollar liquidations are less of a risk even as the open interest on Ethereum futures hit a new high at $8 billion.

The price of Ether continues to push higher, and many analysts are calling for $3,000 as a short-term target. All of this “success” takes place in the face of Ether (ETH) being in a bottleneck regarding high fees, network congestion and a tense situation with miners. 

With decentralized finance (DeFi) applications taking center stage and the aggregate volumes at exchanges surpassing $4 billion per day, Ether’s price has rallied over 200% since the start of the year, marking a new all-time high at $2,300 on April 13.

This impressive price surge caused Ether’s open interest to reach a record high of $8 billion. The figure represents 50% of Bitcoin’s (BTC) markets just two months ago.

Some investors might say that derivatives contracts pose a risk for larger corrections due to liquidations, but one must remember that the same instrument can be used for hedging and arbitrage.

Ether futures aggregate open interest. Source: Bybt

Not every short seller is aiming for lower prices

While the typical retail trader relies on perpetual futures (inverse swaps) primarily for short-term leverage positions, market makers and professional traders will tend to seek yields.

This is usually achieved via “cash and carry” strategies that combine options trades. Therefore, to understand whether the current open interest represents a risk or an opportunity, investors must look at other indicators such as the funding rate.

Massive liquidations typically occur when buyers (longs) are excessively optimistic. Hence, a 7% intraday correction forcefully terminates everyone using 15x or higher leverage. Despite making headlines, $1 billion orders would represent a mere 6% of the current average volume.

Ether futures aggregate volume. Source: Coinalyze

As shown above, Ether futures aggregate volumes will climb above $25 billion when additional volatility occurs. This data means the eventual liquidation impact might be even more negligible.

The impact of futures goes in both direction

Analysts tend to ignore a futures contracts’ buy-side impact, especially during a bull run. No one blames derivatives for a sudden 7% price increase, although that might have accelerated the movement. This theory holds especially true considering the steep funding rate charged for longs. Traders should avoid these moments unless they’re confident that the rally will continue.

Ether perpetual futures 8-hour funding rate. Source: Coinalyze

Whenever longs are the ones demanding more leverage, the funding rate will become positive. A 0.15% fee every eight hours equals 3.2% per week. Therefore, arbitrage desks and whales will buy Ether at regular exchanges and simultaneously short the futures to collect the funding rate. This trade is known as “cash and carry,” and it is not dependent on markets moving up or down.

Markets eventually normalize on their own

As the current futures open interest continues to rise, it reflects that markets are becoming even healthier, allowing even larger players to participate in derivatives trading.

Its CME listing was undoubtedly an important milestone for Ether, and this is confirmed by the $8 billion open interest mark.

The funding rate will adjust itself by welcoming more participants on the “cash and carry” side or by positions being terminated due to high costs.

It doesn’t necessarily end with billion-dollar liquidations, but it certainly raises the risk of them occurring. Nevertheless, these same contracts could have been used to drive Ether’s price up, netting the impact over time.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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$161M Ethereum options expiry tilts toward bulls as ETH flips $2K to support

Ethereum price recently made a strong move above $2,000 and derivatives data suggests bulls are preparing to push ETH price higher.

With no short-term solution in sight for the surging network fees, some investors are afraid that Ether (ETH) price could face a correction. The EIP-1559 proposal is set to be bundled with the impending London upgrade, and this will change the gas fee structure, but traders are left to deal with high fees until then.

The flexible block size proposal aims for a more predictable fee pricing model, but this upgrade is scheduled for July, meaning, in the short term, Ether could be subject to price pressure. Adding to this, miners have been expressing concerns as the new proposal aims to burn part of the fees to create scarcity, reducing their income by up to 50%.

To prepare for downside events, professional traders usually buy protective put options without reducing their positions, especially those farming and staking with high yields. Although these are generally costly for longer-term periods, the trades are also offered weekly or bi-weekly at some exchanges.

The put-to-call ratio favors bears, but there’s more to it

Unlike futures contracts, options are divided into two segments. Call (buy) options allow the buyer to acquire Ether at a fixed price on the expiry date. Generally speaking, these are used on either neutral arbitrage trades or bullish strategies.

Meanwhile, the put (sell) options are commonly used as a protection from negative price swings.

To understand how these competing forces are balanced, one should compare the calls and put options size at each expiry price (strike).

For those unfamiliar with options strategies, Cointelegraph recently explained how to minimize losses despite keeping a bullish position.

Aggregate Ether April 9 expiry open interest. Source: Bybt

The above data shows that Ether’s April 9 expiry holds 77,800 Ether contracts, worth $161 million at the current $2,070 level. Meanwhile, the call-put ratio favors the more bearish put options by 11%, dominating the strikes below $1,850. Meanwhile, bullish call options have crowded the scene above $1,900.

Despite the imbalance, the net impact leans bullish

Options markets are an all-or-nothing game, meaning they either have value or become worthless if trading above the call strike price, or the opposite for put option holders.

Therefore, by excluding the neutral-to-bearish put options 25% below the current $2,070 price and the call options above $2,480, it is easier to estimate the potential impact of next Friday’s expiry. Incentives to pump or dump the price by more than 25% become less likely as the potential gains will seldom surpass the cost.

This selection entices to 33,000 call options from $1,200 to $2,480 strikes, currently worth $68 million. Meanwhile, the more bearish put options down to $1,580, amount to 18,100 Ether contracts worth $37 million. Therefore, buyers have a slight advantage for April 9 expiry.

The balance between call and put options initially showed a call-to-put ratio favoring the more bearish put options. Nevertheless, by excluding the put options 25% below the current price, the net result clearly favors bulls. This reinforces the view that the April 9 expiry should not be deemed bearish.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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