Ethereum (ETH) Is About To Break Through The $400 Resistance Level Soon
The crypto market looks pretty bloody for the most important coins out there as they’re trading in the red.
At the moment of writing this article, ETH is also trading in the red, and the coin is priced at $394.48.
ETH about to hit $400 soon
ETH’s price has stalled below $400, but ETH options data suggests the altcoin will be pushing through the resistance level soon, reveals Cointelegraph.
It’s been revealed that Ethereum (ETH) options open interest increased by 5 fold over the past three months and reached $337 million.
This figure definitely pales when compared to the current $1.8 billion Bitcoin (BTC) options market, but it’s important to note the fact that Ether options have grown to reach the same size the BTC options market was roughly 15 months ago.
The online publication mentioned above notes that “Options are divided into two basic instruments: calls, aimed mostly for bullish strategies, and puts, used chiefly on bearish trades.”
They also note the fact that another widely used indicator is the “comparison of open interest above and below current market levels.”
“To reduce the impact of the $400 expiry concentration, one should analyze open interest 6% below the current $390 Ether price and 6% above, thereby excluding such levels,” Cointelegraph notes.
We suggest that you check out their complete analysis in order to learn all the details about their prediction.
Weiss Ratings praises Ethereum
In other recent news, it’s been revealed that Ethereum just dethroned Bitcoin as the top coin according to the latest report from Weiss Ratings.
The ratings agency managed to update its overall crypto rankings, which consider adoption, technology, market momentum, and investment risk, as the Daily Hodl revealed not too long ago.
Weiss is placing Ethereum (ETH) in the very first spot, followed by Bitcoin (BTC), Cardano (ADA), Litecoin (LTC), and Stellar (XLM).
Stay tuned for more ETH-related news.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.