Ether Price Action Indicates Potential Bull Run Following August Pattern
Ether's price action suggests a potential bull run, resembling patterns from early August.
- Ether's price dropped 32% to $2,770 since mid-December, lagging behind Bitcoin.
- On Monday, prices fell to nearly $2,000 before rebounding to $2,700, marking the largest one-day swing since September 2021.
- This volatility led to increased trading volumes on platforms like Coinbase and Bitstamp.
- The surge in volume indicates selling pressure may have peaked, potentially stabilizing prices for a rally.
- A similar pattern occurred on August 5, when ETH hit a low of around $2,100 before rising to $4,100.
- Strong demand was noted during Monday's dip, with significant over-the-counter interest reported.
- U.S.-listed spot ether ETFs saw $420 million in net inflows this week, accounting for nearly 13% of total inflows since inception.
- A bull call spread involving positions in $3,500 and $5,000 call options was executed, indicating expectations for a rally by year-end.