Investors’ sentiment on ETH isn’t really hype. Ethereum lost 25% during the last year, although it seems to have solid support in the $2.5k range.
The process involves taking Ethereum’s Execution Layer from the existing proof-of-work layer and merging it with the Consensus Layer from the Beacon Chain. The end goal is to turn the blockchain into a proof-of-stake network.on March 16 — the first such move since 2018. The monetary authority warned of persisting “upward pressure on inflation,” precisely the problem that cryptocurrencies’ digital scarcity aims to solve.
Regardless of its potential, Ether’s 80% historical volatility shifts most investors’ perception to see it as a risky asset that will inevitably succumb to an eventual broader market correction.To understand how professional traders are positioned, one should look at Ether’s futures and options market data. Firstly, the basis indicator measures the difference between longer-term futures contracts and the current spot market levels.
Thus, one can assess that an eventual break of the $3,200 resistance will catch those investors off guard, creating strong buying activity to cover short positions.Ether’s daily closing price has been ranging from $2,500 to $3,000 for the past 27 days, making it difficult to discern a direction in the market. In that sense, the 25% delta skew is extremely useful, as it shows whether arbitrage desks and market makers are overcharging for upside or downside protection.
As shown above, the skew indicator has been over 10% since March 11, indicating fear, as these options traders are overcharging for downside protection.
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