Ethereum Picks Pace Along with Bitcoin – Approaches $4000

The Bitcoin and Ethereum market are on their run to the all-time highs as the buyers are eating up every retracement coming in the price action. However, this only holds true in the top two cryptocurrencies because the rest of the coins and tokens are struggling to break through their hurdles.

BTC and ETH, which were undermined during their downturns, have turned right back up to take control and lead the entire crypto market. Of course, there are a few altcoins that have outperformed Bitcoin and Ether, but they remain as outliers.

But if we were to compare only between BTC crypto and ETH token, the answer to the coin is a better performer is worth a debate. Although the price action of both the cryptocurrencies is very similar in terms of their trajectory, there is a leader and a laggard if they were to be analyzed closely.

Looking at the current price action, it certainly seems like Bitcoin is in the lead with barely a couple hundred dollars below the $60,000 mark as of writing. But basing it off on the price action, Ethereum also is doing as good as Bitcoin, though it is inching up a little slower.

Buyers Maintain Control as ETH Option Expiry Approaches

Based on the slight bearish sentiment on Ethereum in the news, it was observed that the short sellers had about 88% of their bets at 3,300 USD. The sellers could have certainly taken their dominance in the USD 365 million ETH expiry, but the buyers’ overwhelming interest kept it away from the sellers. As per the long-to-short ratio, the Ether options expiry today is precisely matched between call and put options.

Furthermore, the 1.03 call-to-put ratio indicates that both parties have around $180 million worth of Ether options before expiry.  This measure, however, can be misleading because the current price action of Ether token can most likely knock out their negative bets.

With only a few hours to expiry, the short-sellers are expected to find it difficult to stop the ongoing price surge. Despite the fierce competition on the Ethereum network and the hefty gas fees, investors’ demand doesn’t seem to fade.

Majority of ETH Investors in Profit as Price Reaches $3,800, Data Shows

Numerous indications suggest that the bulk of Ethereum buys are still profitable at this time, as the market trades just above $3,800. ETH buyers certainly seem to have a firm hold on the market, as more than 95% of tokens have been acquired at a lower price than the current market price.

According to data from IntoTheBlock, a little less than 5% percent of Ethereum holders are “out of the money,” implying they purchased ETH at a greater price than it is currently. And evidently, those purchases were during the last run at the beginning of 2021, when the entire cryptocurrency market was in a massive bull run.

Ethereum Change in Nature Attracts Demand

Ethereum has always been a go-to cryptocurrency in the altcoin space. Despite the increasing gas fee, the demand for the coin among institutional buyers and the public never seemed to have dropped. But now, with the change in the natural functioning of the network, the demand has additionally increased due to more tokens being burned than created (during excess network loads).

Over $1.3 Billion Worth of Ethereum Transactions Carried Out During the Bull Run

According to Whale Alert handle on Twitter, anonymous Ethereum investors have moved more than 10 large Ethereum stashes in the previous 24 hours.

Overall, fifteen big transactions totaling 1.348 billion dollars in Ethereum were moved in the recent bull run as ETH prices were approaching the $3,800 mark. The smallest transaction carried 10,000 ETH, an equivalent of $38 million, while the largest stood at  50,020 ETH worth over $183.

According to blockchain transactions tracking services, Binance and Blockfolio were the two biggest crypto platforms involved in these numerous transfers.

Ethereum Prepares for $4,000

Ether prices are back on the rise as BTC is heading back to its all-time highs. Although ETH crypto was subdued for a few months during its downtrend, the buyers never gave up their ball as the support levels held firm throughout the recovery phase.

After reaching $3250 in August, the market went into consolidation, took the market down after hitting a high of $4000. The support was formed at $2,982, where the buyers showed their presence with momentum. Despite the support maintaining grounds, the price was breached below, allowing the sellers to take over. But in hindsight, the breach turned to be a fake-out, as encircled. Finally, as the shorts were trapped at these levels, the bulls began their move north with compelling strength.

Currently, ETH crypto trades at $3,800, after taking out the mini sellers that existed at $3,600. Based on the momentum of the present buyers, it would be of no surprise if the prices touch or even breach $4,000 by next week.

Now you can get Ethereum and most of your other favorite cryptos from our list of popular and reliable cryptocurrency exchanges.