This Data in Ethereum Will Be Bullish

Ethereum bulls think the price will rise despite the market stagnation.

The rise in Ethereum price has stagnated since the beginning of this week. But the data in the derivatives markets are still in favor of the bulls.

The put-call ratio, which shows the difference between bullish and bearish contracts in Ethereum options contracts, increased to 0.61, according to Glassnode data. This was the highest rate recorded in the last year.

An increase in the put-call ratio indicates that the bulls are gaining strength. “Ethereum's put-call ratio increased to 0.6, signaling that there will be a bullish outlook after the approval of ETH ETFs,” Wintermute analysts said.

Amberdata data also supports this bullish interpretation. The skew between call-put options increased to over 5% in the 30, 60, 90 and 180 day time intervals.