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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Is Ethereum Set to Rally After Shanghai? Data Suggests Bullish Sentiment

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Ethereum

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Over today’s trading session, Ethereum and the crypto market are showing strength and are trading in the green. The positive price action could be supported by the expectation around ETH’s upcoming major upgrade, “Shanghai.”

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Scheduled for April 12th, this upgrade will allow Ethereum 2.0 validators to un-staked their locked ETH. As a result, the cryptocurrency’s available supply is bound to increase, which could translate into negative price action.

So far, the opposite is taking place as traders remain optimistic. As of this writing, Ethereum (ETH) trades at around $1,900 with a 3% and 5% profit over the last 24 hours and the previous week, respectively.

Ethereum ETH ETHUSDT
ETH’s price is moving sideways on the daily chart. Source: ETHUSDT Tradingview

To Sell Or Not To Sell, Ethereum Investors In A Dilemma

According to crypto analysis firm Blofin, the ETH supply locked on the “Beacon Chain,” the Proof-of-Stake (PoS) blockchain that supported the transition into this consensus algorithm, is trading at a loss. Thus, investors have little incentive to sell their ETH even after “Shanghai.”

It is more likely that these investors will wait for ETH to reclaim previously lost territory, which could support its bullish price action and extend the rally into the high $2,000s. However, Blofin warned:

The Ethereum Shanghai upgrade is just around the corner, yet this is not leading to increased selling pressure as most staked Ether is currently at a loss. However, the risk of a sell-off cannot be ignored, and the macro uncertainty around the upgrade is also increasing.

In the options market, Blofin records risk aversion among investors, which translates into a “stable” market dynamic. There are a few changes in ETH option contracts’ implied volatility (IV) and speculation around the cryptocurrency.

In that sense, most ETH options traders are taking long positions by buying short-term expiring call contracts. This dynamic could support further profits for ETH, but Blofin emphasizes the risk avert sentiment:

Most ETH option block traders are bullish on ETH after the Shanghai upgrade. Notably, some traders bought the call spread expiring in 2024q1, which is more likely to be a trade driven by risk management or arbitrage, given the ask-bid spread of yearly options.

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Bitcoin Shows Parallels With 2017 Cycle, Here’s What Can Happen Next

1 year ago

Additional data from Bitfinex Alpha indicates a spike in the put-to-call ratio for ETH options. As seen in the chart below, the ratio stands below 1, which hints at predominate bullish sentiment among investors favoring call (buy) over put (sell) contracts.

Ethereum ETH ETHUSDT 2
ETH option contract put-to-call ratio below 1 indicates a bullish market sentiment. Source: The Block via Bitfinex Alpha

Chart from Tradingview, The Block

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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