The digital currency market showed considerable fluctuations as Bitcoin's price approached $70,000 again this week. The daily chart for Bitcoin indicates uncertainty, with neutral candles and long wicks suggesting a lack of dominance from either buyers or sellers. What is the current status of other cryptocurrencies such as Ethereum (ETH) and Solana (SOL)?
Bitcoin Options Trading
Deribit Exchange recently saw the end of a three-month options period with a historic $15 billion in notional value. This included 135,000 Bitcoin options and 1.58 million Ethereum options. The put-call ratio for Bitcoin options was 0.85, with a strike price of $51,000, while Ethereum options had a notional value of $5.6 billion, a ratio of 0.63, and a strike price of $2,600.
This event could indicate increased liquidity and potentially raise volatility in the cryptocurrency market. Ethereum is highlighted as a top blockchain platform for smart contracts and decentralized applications (DApps) without any external interference.
ETH and SOL Price Movements
In recent weeks, the price of ETH has experienced a notable decrease, dropping 13% from $4,090 to $3,561. Currently, Ethereum is trading at $3,557 with a market cap of $427 billion. If the resistance level at $3,700 persists, the declining trend may continue, potentially retesting $3,120.
Solana (SOL) has been trading sideways following its recent market correction from $210. Analysis of the 4-hour chart reveals a consolidation within two converging trend lines, forming a flag pattern. SOL is currently priced at $186, down 1.82% for the day, with a market cap of $82.7 billion, ranking it as the fifth-largest cryptocurrency. With the bullish pattern in play, buyers may break the trend line to indicate an upward continuation. Experts suggest a breakout rally could lead to price targets of $210 and $240.
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