Ethereum's ten-year journey finally waited for the ETF to be approved for listing
Frankly speaking, the market conditions in early July seemed to have poured cold water on many investors. Data showed that the price of ETH fell by 18% to $2,826 from July 1 to 8, and leveraged long positions of up to $313 million were liquidated.
Investors' disappointment is understandable. Although the current ETH range of $3,100 is still lower than expected, on-chain and derivative indicators show that traders are gradually recovering information, although the time for the SEC to approve the spot Ethereum ETF is longer than expected
Data shows that on July 8, the ETH option put/call volume ratio on Deribit rose slightly to 0.8, which means that even at the low price, the trading volume of ETH put options was 20% less than that of call options. Not only that, the indicator soon fell back to the seven-day average of 0.55, which means that the trading volume of call options increased by 85%.
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Overall, both derivatives and on-chain indicators support bullish momentum, while the reduction in ETH available for trading on exchanges also seems to support a short-term price breakout above the $3,400 resistance level.
