Analisis Pasar: Trader ETH Target $3.2K Pasca Golden Cross
Market Analysis ETH traders target $3.2K after ‘golden cross’ debut, derivatives data disagrees by Marcel Pechman /news/eth-traders-target-3-2k-after-golden-cross-debut-derivatives-data-disagrees

ETH Gains 9% But Fails to Break Above $2,600, Derivatives Data Show Weak Conviction from Traders

Ethereum (ETH) experienced a 9% price increase between Tuesday and Thursday, but was unable to break above the $2,600 mark. Despite this, traders pointed to a bullish technical formation known as a "golden cross" which could propel ETH to $3,200. However, derivatives data suggests that traders are not feeling as bullish as they seem.

ETH layer-2 growth has not translated into increased demand for ETH itself due to low rollup transaction fees. Meanwhile, the launch of the Solana ETF undermined ETH's altcoin leadership, reducing the odds of a rally above $3,200.

Derivatives data shows that traders are not feeling confident in ETH's ability to reclaim the $3,200 level. The ETH 30-day futures annualized premium remains below the 5% neutral threshold, indicating that traders are not willing to pay a premium for leveraged long positions.

The data also shows that ETH derivatives are signaling low confidence, with an options delta skew of 1%, suggesting that traders see equal likelihood of price moves in either direction.