Derivatives data favors Ethereum bulls even with this week’s crash below $3K By Cointelegraph

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Derivatives data favors Ethereum bulls even with this week’s crash below $3K

Ether (ETH) has been in a bearish trend since early September, and this week’s Evergrande-led market crash drove the price below $2,700 on Sept.20, its lowest level in 47 days. Curiously, just three weeks ago, Ether was testing the $4,000 psychological barrier, but this changed after mounting crypto regulatory concerns and the fear of China’s debt markets triggering a global sell-off intensified.

This week United States Securities and Exchange Commission (SEC) Chairman Gary Gensler spoke to the Washington Post about renewed plans to regulate the crypto sector and the growing stablecoin market.

Ether price at Bitstamp in USD. Source: TradingView
options aggregate open interest for Sept. 24. Source: Bybt.com

Bulls still have an advantage in Friday’s $1.55 billion expiry

To win, bears need to keep Ether below $2,900