EthereumAfter a very volatile start to the week, it continues to trade above the $1620 level. The positive increase in on-chain activities also shows that things are getting better.
Santiment detected a significant increase on Wednesday with 1,089,893 unique wallets participating in the ETH network as senders or receivers. This figure represents the second highest data in the entity’s more than eight-year history. This means that it can serve as the capitulation signal needed for the price to recover.
The upward move is a key threshold marked by the 100-day Exponential Moving Average (EMA) at $1633, while the 50-day EMA at $1613 provides short-term support.
A move above these moving averages could confirm a move towards $1800. Conversely, a breach in either direction could start a new round of selling and potentially push the Ethereum price below $1600, where it could consolidate slightly near $1531.
What Does Ethereum Options Data Show?
As reported by Koinfinans.com, according to data from Greeks Live, approximately 56,000 Ethereum options are expiring soon with a Put Call Ratio of 1.09, a maximum pain point of $1,650, and a face value of $250 million. will end.
ETH has experienced minimal intraday fluctuations recently, with notable changes typically occurring only on Tuesdays. Recent market movements have been concentrated over a day or two each week, and overall market activity has remained relatively stagnant. In particular, there was no important news from Token2049 that would affect the market.