Bitcoin and Ethereum traders shared the levels to follow. Accordingly, investors expect these levels to be reached for the BTC and ETH price. Here are the details…
Bitcoin investors target $17,000
Bitcoin traders and investors are targeting the $17,000 price range, according to the order book on the Coinbase exchange. This is because the leading cryptocurrency previously tested its lowest price in almost two years. We last saw such a bid-side slope in the order book in March 2020. Bitcoin hit its absolute lows after the surge in 2017. As a result, it caused panic in the market and created a huge imbalance between offer and demand. The distribution of orders in the market is a great tool for determining the current sentiment of retail investors. Such a large imbalance is not necessarily bearish for the market. Because large buying volume around a price does nothing but create an order book support level. Therefore, it does not push the price towards a certain level.
The distribution of orders in the market reflects the desired purchase price. As such, it is a great tool for determining the current sentiment of retail investors. As a result, we can clearly see that the majority of market participants are aiming for Bitcoin to drop in the foreseeable future. Bitcoin and the events around it give no reason to believe that the first cryptocurrency will drop below $20,000. Therefore, the lack of positivity in the market is mostly speculative. For now, Bitcoin is moving in the ascending channel that it has not been able to break in recent weeks. Unfortunately, BTC failed to break above the $24,000 price range in its latest move and has returned to the lower boundary of the channel. At the time of writing, BTC is trading at $23,811, down about 2%.
Pay attention to this price range for Ethereum
According to Glassnode, Ethereum derivatives traders are betting on the price of ETH from $2,200 to $5,000. As we reported on Kriptokoin.com, the price expectations show the hype ahead of the Merge upgrade scheduled for September 19. Glassnode states that for the first time, Ethereum options open interest has surpassed $4.8 billion in Bitcoin. Ethereum’s options open interest stands at around $6.6 billion. This shows that Ethereum derivatives traders continue to bet on the cryptocurrency in a clear direction, especially ahead of the upcoming Merge. Open positions of ETH options are on the verge of making ATH. It is noteworthy that Bitcoin open positions are only 35% of its ATH. In other words, BTC open positions are quite far from making ATH, unlike ETH.
Call options are much larger than options put. Because traders predict a large open interest in ETH price, above $2,200 and up to $5,000. However, the maximum pain price is currently located at around $1,350. Therefore, a large number of options will end in money. Glassnode said this is proof that institutional capital is embedded in the maturing liquidity of the futures and options markets. He also noted that it appears to be a fairly complex market positioning. According to the firm, there is significant buying demand for ETH call options that expired in September. Therefore, volatility has shifted to an extremely bullish trend. However, the shape and scale of September-October volatility indicates a relatively low demand for ETH exposure. This is because of the options after the Merge event. Ethereum is trading at $1,779, up 2.63% in the last 24 hours.
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