The price of Ethereum has been outperforming the Bitcoin Price for some days now. The difference in the prices was at a 20% difference in the side of Ethereum. As per the statistics, traders believe the long-term price outlook will be different for Ethereum and Bitcoin.
It seems that Bitcoin has remained at $18,800 even though everyone expects it to break the barrier. That notwithstanding, market data suggests that traders of both cryptocurrencies are wildly bullish.
Due to the ETH 2.0 launch, it seems that Ether is going to be rallying high very soon. The community is, of course, optimistic about it. On the other hand, Bitcoin traders are not even concerned that the Bitcoin Price is not behaving as Ethereum price. It seems to have stagnated bt yet; the bulls are not backing down.
Bullish trend indication for Ethereum and Bitcoin
One of the clear indications of what is happening in the market for Bitcoin and Ethereum is the behavior of Futures Contracts. From all indications, it seems that Futures Contracts for both cryptocurrencies remains bullish.
In healthy markets, there’s usually a 5% -10% annualized basis in contango. Also, it is during bearish markets that futures trading with discounts occurs. But in this period, Ether futures has been between 10%-20%, which shows bullish expectation.
Also, BTC Futures hasn’t been behaving normally but moving in the same way as Ether. This is also an indication of a continued bullish market.
Options traders are not interested in opening bearish positions. From the 25 delta skew, it is already clear what the stance and sentiment of pro traders are.
When there’s a positive 25% delta skew, it means that the price of put options is higher than call options. And this means a bearish sentiment. But when the delta skew is negative, it simply suggests bullishness. Presently, the available data indicate that options traders don’t want to sell upside protection. The skew indicator is at -20%, which shows that investors continue to be bullish.
Even though the BTC traders have seen that the currency is not able to surpass its current price, they’re still optimistic that things will change. Many pro investors who understand the volatility of Bitcoin don’t want to lose hope yet as they know that the price can skyrocket overnight