With Ethereum price crossing $750 for the first time in 31 months, there are 39 more Ethereum addresses holding 10,000+ ETH

At press time, Ethereum price is trading around $ 754, up more than 27% over the past seven days. This is the first time that ETH has surpassed $ 750 in 31 months, and there have been 39 more Ethereum addresses holding 10,000 ETH compared to just two months earlier. Meanwhile, the number of addresses holding between $ 1 – $ 10,000 ETH has been shrinking for the time being.

Ethereum price exceeded $ 750 the first time in 31 months, is expected to surge to $ 880 over the next four weeks

According to Santiment, compared to the previous two months, there are more than 39 more Ethereum addresses holding 10,000+ ETH. ETH has risen 88% since November. In addition to the upcoming CME ETH futures launch scheduled for Feb. 8, the phenomenal growth of total locked value (TVL) in Tai protocols Decentralization itself also plays an important role.

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Total Value Locked, USD | Source: DeFi Pulse

As the data above indicates, investors are even more confident that ETH 2.0 has been successful, despite the true possibility of deployment delays and obstacles. Another possible bullish factor in the background is the lowest level in 2 years in the balance of ETH miners. This inevitably reduces potential selling pressure and opens up the possibility of further price increases.

Over the past three months, open interest in Ether options has grown 150% to a total of $ 880 million. This staggering accumulation happened as the cryptocurrency broke the $ 700 resistance and reached its highest price level since May 2018.

Options data shows traders expect another 20% hike to $880

The odds of the current option trades are calculated according to the Black & Scholes model. Deribit exchange presents this information as ‘delta’. In short, these are the percent-based odds for each strike.

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Ether Jan. 29 call options delta | Source: Deribit

According to the above data, the $880 strike for Jan. 25 has a 34% chance of occurring, while the most traded $960 strike holds a 25% odd according to the options pricing model. Take notice that the statistical model tends to be overly conservative, as even the $720 strike holds a mere 59% odd.

You can see the ETH price here.

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