Ethereum futures premium hits 1-year high — Will ETH price follow? By Cointelegraph
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Ether (ETH) price has declined by 14.7% since its peak at $2,120 on April 16, 2023. However, two derivatives metrics indicate that investors have not felt this bullish in over a year. This discrepancy warrants an investigation into whether the recent optimism is a broader response to (BTC) breaking above $34,000 on Oct. 24.
One possible reason for the surge in enthusiasm among investors using ETH derivatives is the overall market’s excitement regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. According to analysts from Bloomberg, the ongoing amendments to the spot Bitcoin ETF proposals can be seen as a “good sign” of progress and impending approvals. This development is expected to drive the entire cryptocurrency market to higher price levels.
Assessing bullish sentiment in ETH derivatives markets
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Ether (ETH) price has declined by 14.7% since its peak at $2,120 on April 16, 2023. However, two derivatives metrics indicate that investors have not felt this bullish in over a year. This discrepancy warrants an investigation into whether the recent optimism is a broader response to (BTC) breaking above $34,000 on Oct. 24.
One possible reason for the surge in enthusiasm among investors using ETH derivatives is the overall market’s excitement regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. According to analysts from Bloomberg, the ongoing amendments to the spot Bitcoin ETF proposals can be seen as a “good sign” of progress and impending approvals. This development is expected to drive the entire cryptocurrency market to higher price levels.
Assessing bullish sentiment in ETH derivatives markets
Continue Reading on Cointelegraph
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