According to an analysis published on the CoinTelegraph news portal, Bitcoin and ETH traders are optimistic. This is because the price of both cryptocurrencies remains at a key point on the charts to sustain its upward trend.
It is important to note that, in recent days, ETH has had a performance that exceeded that of Bitcoin by up to 20%. However, a few hours ago, the most popular of digital currencies, broke the $ 19,000 barrier after several stress tests.
In this way, and taking data from the derivatives markets as a reference, in both cases, high optimism remains. In the same way that Bitcoin is heading towards its all-time high, ETH is entering a parabolic rally.
Bitcoin traders continue to maintain their optimistic attitude
It is important to reaffirm that both Bitcoin and ETH operators will continue to bet on the bullish. This is expressed in the strengths that both assets have presented recently. At the time of writing, the price of Bitcoin is $ 19,280.
One notable fact is that Bitcoin options traders are ‘unflappable’. The proximity of the pioneer cryptocurrency’s price towards $ 20,000, after which it would enter uncharted territory, doesn’t seem to affect the nerves of what this psychological barrier might represent.
For its part, ETH’s optimism is mainly due to the fact that the network is approaching its expected 2.0 update. According to the aforementioned analysis, this optimism is reflected in a very marked way in the options market.
Strongly bullish futures contracts
In relation to futures contracts, Bitcoin and ETH traders remain strongly bullish. In this sense, with regard to ETH, the futures base is at 10% and 20%.
To get an idea of the optimism that this reflects, it should be noted that a typical bull market is between 5% and 10%. All this indicates that this asset has a bullish charge that is not far behind when compared to that shown by Bitcoin traders.
Regarding the futures premium of the cryptocurrency created by Satoshi Nakamoto, the behavior is similar to Ethereum, that is, 10%. The reason for Bitcoin traders to pay such a high premium for future contracts is one: optimism in the strength of this currency to continue rising. «This indicator, in turn, can be interpreted as a tax to carry leveraged long positions»Confirms the cited work.
Bearish options are not in sight
With regard to bearish operations, the intentions of the operators are almost nil. Thus, neither the ETH operators, nor the Bitcoin operators, see a downward trend of these cryptocurrencies possible.
The charts show that the Ethereum futures base was presented with a prominent optimistic sentiment last Saturday. The same, according to analysts, is “unusual” in the operators of contracts with this cryptocurrency. In other words, this suggests that traders are unwilling to sell.
Bitcoin’s negative performance before today, meanwhile, may have been an indication for its traders to decide to sell. However, that has not been the case. Despite presenting a stagnation since Saturday, the price of this cryptocurrency, this Tuesday reached $ 19,500 USD.
Data to take into consideration
- According to the charts, in futures contracts, the performance of ETH has been on par with that of Bitcoin.
- Even, until last Saturday, Ethereum’s performance was 20% higher than that of the pioneer cryptocurrency.
- For its part, the bullish sentiment of Bitcoin traders remains unshakable in their optimism.
- Both assets are in a bullish stage, causing traders to refuse to open lower trades.