ETH price witnessed a gain of 88% from the month of November. This profit of Ether has surprised many bullish investors since the leading altcoin acquired a $750 high in 2020.
Apart from the future launch of CME ETH that is scheduled for 8th February, the remarkable growth that is locked in total value in the protocols of Decentralized Finance also played a significant role.
Potential Reasons For High ETH Price
According to some data, the investors have been confident with the success of Ether despite the probable delays and execution hurdles that might affect ETH price.
Another probable bullish factor at the background of the uptrend of ETH price is the latest –year low in the minor balances of Ether. This most definitely eases the selling pressure along with opening some space or additional bullish continuation.
Since the last 3 months, Ether’s open interest options has increased by almost 150% and is now standing at $880 million total. This extraordinary collection took place while the cryptocurrency ceased the resistance of $700 and managed to the highest price that was last seen in May 2018.
Despite the latest high ETH price, the ratio of pull/call has declined considerably. The move shows that the bullish put ratio options had more dominance. The striking contrast with the 0.94 level 2 weeks back indicates that the call options have been well balanced against the neutral to call options of the bullish trend.
Other data indicates a strike of $880 for 25th January that has a chance of 34% of happening. Meanwhile, many other traders have traded a strike of $960 that holds an odd of 25% based on the pricing model.
ETH price has a current rate of 4.3% equalling an 18% year-over-year premium that experienced a major surge recently.