Ethereum futures and options data reflect investors’ growing confidence in ETH price
ETH price struggles to flip $1,700 to support, but key derivatives data show bulls making plans to break through the resistance. The price of Ether (ETH) rallied 16% between Jan. 14 and Jan. 21, peaking at $1,680 before facing a 5.4% rejection. Curiously, the same resistance level resulted in a substantial correction in late August 2022 and again in early November 2022. Ether/USD price index, 2-day. Source: TradingView From one side, traders are relieved that Ether is trading up 35.5% year-to-date, but the repeated corrections that follow retests of the $1,680 resistance may have weakened investors ' sentiment. Negative newsflow might have limited Ether investors' appetite after troubled cryptocurrency company Digital Currency Group (DCG) faced more legal issues this week. On Jan. 23, a group of Genesis Capital creditors filed a lawsuit alleging violations of federal securities laws. In addition, the plaintiffs allege the lending firm made false and misleading statements thr...