In summary:
Traders and investors are very much pleased with Ethereum’s performance in the last week. The price of ETH has gained steadily from a value of around $200 on the 26th of May, to a local peak of $247 (Binance rate) witnessed earlier today. This translates to approximately 23.5% in price movement in less than a week.
The excitement surrounding the trading of Ethereum can be seen via a record volume of ETH options traded on the derivatives platform of Deribit. According to the team at Skew.com, $20 Million in Ethereum options was notionally traded yesterday, May 30th. The team went on to share a more elaborate chart in the tweet below that provides a better visual cue of the increment in ETH options traded on Deribit since mid-April.
With the launch of ETH2.0 expected before the end of July, Ethereum currently has the $250 price zone as resistance leading up to the event. This is after Ethereum broke the earlier mentioned resistance zone of between $225 and $228
. Therefore, the price of Ethereum still has room to grow in anticipation of the eagerly awaited ETH2.0 upgrade that will usher in a new era of stacking for the network.Further checking the 6-hour ETH/USDT chart courtesy of Tradingview.com, we observe the following.
As with all technical analyses of Ethereum, traders and investors are advised to use appropriate risk management techniques as well as stop losses to protect their ETH holdings from the crypto market volatility.