Both Bitcoin and Ethereum have had an extraordinary week that led them to reach new highs during this 2020; The question is: Are they following the same bullish path? Or, conversely, could Ethereum go astray?
Ethereum price, will it reach new high?
Most of the crypto investors holding ETH are making interesting returns; specifically more than 82% of the Ethereum supply in circulation is in an earnings statement, according to Glassnode.
However, the happiness now felt by Ethereum investors could not last long.
According to Marcel Pechman, an analyst at CoinTelegraph, the data regarding ETH options seems to indicate that the price of Ethereum will not follow Bitcoin’s rally to new highs.
Specifically, Pechman explains that while the indicators certainly indicate that there is a bullish sentiment on Ethereum, we cannot compare it with the bullish sentiment that exists in Bitcoin.
Keep in mind that the Ethereum contract in December is forecast to be $ 1,120; Considering that there are approximately 40 days left for the contract to expire, it is a bullish position for crypto.
However, it is nowhere near Bitcoin options that are 330% higher than that.
Also, as Pechman mentions, according to Skew data, there is $ 613 million in open interest for Ethereum options; of them only 28% are above USD 460.
ETH couldn’t keep up with Bitcoin
In this way, if we evaluate Bitcoin, the options of the leading crypto seem to be much more optimistic; with purchase options of USD 50 thousand that were placed for June and December 2021.
In fact, 40% of the open interest on Bitcoin options is $ 16,000 or more. That is, 40% of the incoming money bets on a Bitcoin that increases above USD 16,000; While only 28% bet that Ethereum will be above USD 460.
Right now, according to CryptoTrend’s Crypto Online tool, Bitcoin is trading at $ 16,040 and Ethereum at $ 462.
Tell us, do you think Ethereum price will also follow the path to new all-time highs hand in hand with Bitcoin? Or, conversely, will it lag behind Bitcoin’s dazzling race?