The $1.5 billion monthly expiries of Ethereum which ended on the 25th of June did turn out to be quite favorable for the market bears. At the time of expiry, Cointelegraph did report that the price of $2,200 was quite important if the cryptocurrency was to eliminate the neutral to bearish put options set at 73%. No wonder, the cryptocurrency token was wholeheartedly chasing that price.
Nonetheless, the bulls proved quite incapable of sustaining this advantage- simply because the price of expiry was around the range of $1,950. In the end, the put options quite easily outnumbered the call options of a neutral to bullish range by $30 million.
Ethereum Catching Up To Market Bulls
The present month, on the other hand, has shown quite a noticeable increase in its tally by 10%- with the price of the cryptocurrency struggling to sustain the support of $2,100. The negative performance of Bitcoin could also be a major reason behind this inexplicable price movement- but the hard fork in London which has been scheduled for this month seems to be the most responsible factor.
The EIP or the Ethereum Improvement Proposal 1559 will surely cap the fees of gas- which makes it even more predictable for users. On the other hand, most of the revenue for miners will soon be impacted negatively. This entails that any pushback from miners could easily delay Ethereum 2.0- making it a major point of price weakness.
Also, regulatory pressure put on Ethereum and other cryptocurrencies could also be a reason for the negative sentiment in the market. For example, the United States Financial Crimes Enforcement Network recently announced that most of the cryptocurrencies would be considered to be one of the top national priorities in their fight against financial terrorism. The branch is also going to make sure that they are ensuring proper Anti-money Laundering Policies.
