At this rate, a retest of Ethereum price ATH could very well arrive sooner than later
Ethereum price has exploded at the same time; Bitcoin started to rise. At press time, ETH is trading around $ 591, up nearly 12% over the past 24 hours, recording a near 30% gain over the past seven days. This upside is attempting to bring the price to a rally above $ 600. This level is the last major area of resistance before it is due to retesting all-time highs. This is the level to watch out where a reversal could happen or if it’s too late and the cryptocurrency will continue from here.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price is on track and stabilizing above $ 600
Ethereum was once showing signs of weakness, but instead, Ethereum is building up enough power to make a push of the same size as Bitcoin. With Ethereum being the most powerful network compared to the rest of the space and second place by ranking, it is the first reasonable coin to be included next to Bitcoin.
The ongoing crypto market rally has pushed Ethereum as of this morning past the key $ 600 mark. This level is the first in a series of four weekly resistance zones. Altcoins spend very little time trading around the prices, however, and as Bitcoin has recently demonstrated, they may not pose much of a threat to current momentum.
Price action is rapidly approaching all-time highs, with very little price action above current levels | Source: TradingView
At this rate, and the sudden resurgence of interest in the cryptocurrency market, a re-test of Bitcoin and Ethereum’s all-time highs is likely to come sooner.
There is no denying things are getting too hot. Still, the only conditions are that the dollar is falling in price and hard assets like cryptocurrencies are particularly bullish in such situations.
The Ethereum options market is going wild
On November 23, the daily trading volume for Ethereum buy options on the Delta exchange increased to 875%. Options contracts are settled by Tether first.
— Delta Exchange – Bitcoin & Altcoin Derivatives (@Delta_Exchange) November 23, 2020
Delta Exchange is one of the leading cryptocurrency derivative platforms that was launched in August 2018. This September, it became the first exchange to launch stablecoin USDT is popular.
It offers Bitcoin, Ethereum, Chainlink, and Binance Coin, with maturities ranging from one day to a full month. Crypto options mimic traditional platforms allowing traders to buy call and put options. While the former allows exposure to future bullishness, the latter is used to bet on the market downturn and earn a premium. It’s important to note that traders are under no obligation to exercise an option. OI options on Ethereum hit new highs.
Ethereum has hit a 2020 high of $ 598, leaving Bitcoin’s bull run in dust.
According to Bybt, open interest rates on Ethereum options have recently reached their highs to date. Dutch derivative exchange Deribit dominates this market with contracts worth 1.41 million ETH, while the troubled OKEx is in second place with 167 thousand.
You can see the Ethereum price here.
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