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Technical Analysis of ETH/USD for September 1, 2020

Crypto Industry News:

The number of Ethereum options grew by 230%, reaching $ 393 million in the last three months. While this is an impressive number, it does not fully reflect the possibility of using derivatives.

The first thing to note in the context of the current ETH options market are the most common strike levels. It is worth noting, however, that this information does not give a clear picture of whether options are mainly used to enforce pro-growth or downtrend strategies.

Overall, a chart heavily packed with "strikes" below the current market level indicates that either investors have been surprised by the recent increases in the ETH price, or fewer investors are now sharing the optimistic sentiment.

According to the above data, we are currently dealing with 535 thousand. Ether option, with strikes of $ 380 and below. On the other hand, only 243k options are available. ETH at $ 425 or higher. This can be partly explained by the 68% increase in the price of the cryptocurrency to the $ 400 level that occurred at the end of July, although this is not necessarily a positive indicator.

It should be noted that, unlike futures, options are divided into two segments. Call options allow the buyer to purchase Ether at an agreed price on the expiry date. On the other hand, the seller of the instrument will be required to make a sale.

Technical Market Outlook:

The ETH/USD had broke through the swing high located the level of $447.26 and continued to move higher. The recent high has been made at the level of $465.65 as the price has broken out of the parallel channel. The zone between the levels of $442.93 - $447.26 will now act as a demand zone for bulls. The next target for bulls is seen at the round level of $500.

Weekly Pivot Points:

WR3 - $507.05

WR2 - $468.00

WR1 - $450.50

Weekly Pivot - $409.09

WS1 - $391.88

WS2 - $350.52

WS3 - $335.87

Trading Recommendations:

The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.


The material has been provided by InstaForex Company -