According to one analyst Ethereum market shows bullish signs for 2024. According to the analyst, the put-call ratio of Ethereum options, which is an important market indicator, indicates a positive market sentiment.
Data from Deribit derivatives exchange reveals that the number of call options has increased compared to puts in ETH options. This trend is especially noticeable as the end-January maturity date approaches, and according to the analyst, it shows that many investors predict that the price of the digital asset will gain value in early 2024.
Deribit’s Commercial Director, Luuk Strijers, said in a statement: “If you look at the year-end Ethereum expiration date, the put-call ratio is 0.44, which means a 10 call ratio against 4.4 puts. In January 2024, this ratio is 0.19, which means 2 put options for every 10 call options, which is a much more bullish distribution.”
Deribit data also shows there were more than twice as many calls compared to puts ahead of expiration on December 29. Among the approximately 974,000 call options waiting for month-end expiry, the largest group consists of calls at a strike price of $2,500. This shows that many derivative traders are predicting that the ETH price will rise above this level by the end of December.
*This is not investment advice.
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