Big Options Expiry and Whale Activity
Ethereum (ETH) just went through a big options expiry event, where a bunch of contracts were settled. This caused a bit of a price jump, but now the question is: what’s next?
One analyst, Michaël van de Poppe, thinks ETH is at a crossroads. He’s looking at two possible scenarios:
Scenario 1: Upward Momentum
- ETH could rise to $2,750, a level it’s been rejected at a few times before.
- If it breaks through this resistance, it could even reach $3,350.
Scenario 2: Price Drop
- ETH could fall back to $2,300, and even further to $2,000 if the bearish pressure is strong.
Why the Uncertainty?
There are a few things making things a bit unpredictable:
- US Elections: The upcoming US elections could have a big impact on the crypto market.
- Fed Rate Cut: There’s a chance the Fed might cut interest rates in November, which could make people more willing to invest in risky assets like ETH.
Whales are Accumulating
While the price is a bit shaky, there’s some good news: big investors (whales) are buying up ETH. This could be a sign that they believe in its long-term potential.
The Bottom Line
ETH is in a bit of a price dance right now. It could go up, it could go down. The next few weeks will be interesting to watch.
