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- As the Shanghai upgrade draws near, new market data reveals that traders are betting big on Ethereum, as block options skyrocket.
- Santiment sees Ethereum breaking $2,000 in the long term, while a Cryptoquant analyst maintains that ETH is poised to outperform once Bitcoin bulls take a break.
As the Ethereum Shanghai upgrade draws near, crypto traders have been paying more attention to Ethereum (ETH). According to market data, there has been an upsurge in the aggregate number of traders buying call options on Ethereum. So far, over 20,000 black options are being traded. This mostly implies that market players are betting big on Ethereum.
Ethereum has also recorded a surge in the number of network addresses. According to a Glassnode report, Ethereum addresses have hit a record high of 95.89 million. Additionally, while a handful of existing ETH addresses were unprofitable a while back, the opposite has become the case for a handful of these addresses. As for volatility, market data shows that it is going downward, which hints that sentiments are more positive than they were before.
CryptoQuant Analyst: Ethereum is poised to skyrocket once Bitcoin bulls lay low
Ethereum hit a new milestone in March, as the altcoin hit levels last seen in 2022. As of March 19th, Ethereum (ETH) crossed $1,840 for the first time since August 18th and managed to stay above the $1,800 price level for a week, before finally diving downward.
Santiment, a Cryptocurrency intelligence market platform noted that the upsurge in Bitcoin’s price hasn’t done much to hit up the Ethereum network. So far, there has been no hindrance in transactions, despite the increase the Ethereum’s demand. The intelligence platform stated that it is a bullish signal and that Ethereum has the potential to hit $2,000 and go even higher.
“Ethereum’s price hadn’t eclipsed $1,840 since August 18th. Despite this 7-month high, the network hasn’t appeared to heat up and create notable transaction barriers due to high demand. This is a good sign that $ETH has a door open to $2k and beyond.” Santiment wrote in a tweet.
🤑 #Ethereum's price hadn't eclipsed $1,840 since August 18th. Despite this 7-month high, the network hasn't appeared to heat up and create notable transaction barriers due to high demand. This is a good sign that $ETH has a door open to $2k and beyond. https://t.co/BRPXA48BUq pic.twitter.com/0J5teo4Rh9
— Santiment (@santimentfeed) March 20, 2023
On the other hand, an analyst at Cryptoquant explained that the market should expect an upsurge In Ethereum’s price after Bitcoin’s bulls have rested. The analyst acknowledged that when the market recorded a price dump in Bitcoin and Ethereum in March, exchange reserves had declined.
“When the rise of Bitcoin is completed, we can expect a strong rise in Ethereum….I think these are smart investors who bought on fear. Smart investors deposited more Bitcoin into the exchange than they bought when Bitcoin rose again. Ethereum has not risen significantly compared to Bitcoin, and the withdrawal amount has not returned. When the rise of Bitcoin is completed, we can expect a strong rise in Ethereum.” The analyst wrote.
