The next 9 days are critical for Ethereum. The cryptocurrency market has returned all the gains in 2021 with the recent sales. Meanwhile, the lowest levels of the last 18 months were seen. Despite all this, Ethereum price is holding the $1,000 support, indicating the possibility of a trend reversal.
Major Ethereum contracts expiry on June 25
With more than a week left, investors need not wait long for a major trend reversal. A few options are listed to expire in the coming days. However, the largest monthly maturity can cause large fluctuations in prices, according to analysts. According to Skew data, around 948,200 ETH is about to expire, which could be a bullish scenario for Ethereum.
Which levels are critical for ETH
The chart above shows how buy orders or calls (calls), sell orders or sells (puts) shows more. The price of ETH could be largely on track in the next 10 days, as traders always bet with market conditions in mind. However, the expiration date is still pretty obvious. As a result, the chances of traders to reverse their positions cannot be ruled out. In such cases, prices may experience a significant decrease on that date.
Therefore, the next 10 days are extremely important for ETH. Because a strong consolidation above $1,200 will give confidence to investors who prefer ‘calls’. The more buy orders, the greater the chance of Ethereum price stabilizing. Otherwise, the price is at risk of falling below $1,100 or $1,000. Therefore, sell orders can overtake buy orders, increasing the upside pressure on ETH.
Overall, Ethereum has been a stable altcoin with less price variation. Therefore, if it continues to rally above $1,200, there are higher chances of recovery above $1,700.
Data shows the bottom is far away for Ethereum
Ethereum dropped below $1,100 in the early hours of June 14 to prices not seen since January 2021. Currently trading above this level. More importantly, ETH underperformed Bitcoin by 33% from May 10 to June 14. The market last saw a similar event in mid-2021.
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