Ethereum Beats Bitcoin For The First Time In This Metric, What Does It Say About ETH’s Price?

Ethereum has been experiencing a slowdown in its bullish momentum over the weekend. The cryptocurrency managed to break the critical resistance at $1,700 but could re-test previous support levels before reclaiming higher levels. According to Wu Blockchain, Ethereum recently surpassed Bitcoin in terms of Open Interest (OI) for options contracts. This metric stands at $5.6 billion as opposed to BTC’s $4.3 billion. For the first time since the inception of these products, ETH’s price beat BTC’s open interest. As Wu Blockchain noted, most of the OI recorded for Ethereum option contracts are calls (buy) concentrated on September 30 and December 30. Both of these dates are post-merge, a highly expected event for Ethereum. “The Merge” has been tentatively set for mainnet by September 9th. This event will complete ETH migration from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus. Players in the options market seem to be positioned to the upside or hedging potentially short positions with other investment products. A Different Perspective On The Price Of Ethereum Data from Material Indicators accurately predicted the short-term selling pressure with the potential for an increase in volatility on yesterday’s essential daily, weekly, and monthly candle close. These events often promote sudden moves in an asset’s price. As seen below, Material Indicators’ Trend Precognition Indicator flashed a short signal at yesterda...