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Therefore, Ethereum [ETH] is becoming the current favorite of professional cryptocurrency traders.

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As the Shanghai Update approaches, Ethereum traders have started to take out large call options for ETH, despite expected uncertainties. While whales have shown interest, network speed and growth have started to slow down.

As expectations around ETH’s volatility continue to rise with the Shanghai Update approaching, recent reports suggest that traders have started to show positive interest in Ethereum. This is evidenced by data showing that at press time, 20,000 block call options were traded, indicating that most traders have started to take out call options on ETH. One reason for this could be a significant drop in implied volatility for ETH.

Implied volatility is a measure that gauges the expected volatility of an underlying asset. A significant drop in implied volatility for ETH suggests that the market does not expect ETH’s price to be very volatile in the near future. This highlights that the market is becoming more stable and less uncertain, despite the upcoming Shanghai Update.

However, interest in ETH is not just limited to traders. The number of new addresses joining the Ethereum network has reached an all-time high of 95.89 million addresses, according to glassnode data. Notably, many of these addresses were not profitable in the past, but are now in the green. This could lead to increased selling pressure on ETH, as those who have made significant profits may have greater incentives to sell.

One factor that could balance this selling pressure is the unlocking of Ethereum held in the beacon chain after the Shanghai Update. According to Santiment data, a significant amount of ETH staked in the beacon chain is still unprofitable. When these addresses receive their ETH, the likelihood of them selling is very low. In fact, these addresses may consider holding onto their ETH for much longer before deciding to cash out.

Overall, Ethereum is becoming the current favorite of professional crypto traders.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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