Journalist
Posted:
- ETH prices rose as traders became hopeful.
- Gas consumption on ETH increased while general interest in the network grew.
Although Ethereum [ETH] was late to the crypto rally, in recent days ETH prices have more than offset the slowdown.
Taurus take charge
ETH saw an increase in block trades in recent days, with a total of 60,000 options and accounting for 40% of the daily volume, worth $120 million.
The most significant trades were Dec calls, with a significant number of naked-buy ITM options, including a large order of almost $50 million, potentially closing out a previous market maker’s position.
In the ongoing bull market, some key investors took long positions in October and reaped profits. The bull market continues and these big investors are yet to close their positions and maintain their bullish attitude.
The increased trading activity, especially during calls and large orders in December, could impact Ethereum’s price dynamics. If bullish sentiment continues, it could lead to an uptrend in ETH prices.
However, the market’s reaction to such large trading and options activity can also bring volatility, which impacts short-term price movements.
Market makers closing positions or adjusting strategies can contribute to increased volatility. Traders must remain vigilant and consider these factors when making decisions.
Ethereum’s price performance is tied to market sentiment, and ongoing trends can determine ETH’s trajectory in the short term.
On the business day, ETH started to see more block trading again, with 60,000 options accounting for 40% of the day’s total volume, with a notional value of $120 million.
The main trade is Dec calls, the largest of which included a large number of ITM naked buy options, with a… pic.twitter.com/usnN0NK864— Greeks.live (@GreeksLive) November 13, 2023
State of ETH
At the time of writing, ETH was trading at $2,112.79. The economy had grown by 9.6% in the past 24 hours. This increase could attract more investors, potentially driving up prices.
Network growth also increased. This indicated that new addresses were showing interest in the token.
Moreover, the speed of ETH had also increased. An increasing rate meant that the number of times ETH was transferred increased.
These factors bode well for ETH. The possibility of ETH reaching even higher could become a reality if these bullish trends continue.
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Regarding the state of the network, gas consumption on the network has remained high. This implied that activity on the network was high and interest in the protocol increased dramatically.
High usage of the Ethereum network could contribute to the price of ETH during volatile times.
Source: Santiment
