Ethereum price hits $3,800, boosting bulls` control in Friday`s ETH options expiry

Ether (ETH) entered a slightly bullish channel earlier this month, and currently the price is marching toward the $3,800 level. Despite the recent turbulence, Ether bulls are set to bag a $53 million profit on this Friday's weekly options expiry. 

Investors also appear to be disinterested in Ether's recent underperformance versus Bitcoin (BTC), and to date, the altcoin's gains stand at 265%. If Ether manages to stay above $3,600 on Friday, 99% of the $180 million put (sell) options will become worthless.

Ethereum smart contract competitors continue to pressure the leading network and at the time of writing, Ethereum's average gas fees remain above $20. Polkadot (DOT) is scheduled to begin its sidechain auctions on Nov. 11, and this will support new token launches, decentralized finance (DeFi) applications, Internet of Things (IoT) solutions, all going through trustless cross-network bridges.

This week, Binance Smart Chain revealed plans to launch a $1 billion fund to accelerate adoption across the entire crypto industry. Investors usually interpret potential incubation events backed by blockchain projects as bullish for their native assets and BNB price gained at least 30% since the announcement.

Bears were not expecting prices above $3,300

Based on recent mildly negative newsflow, it is possible to understand why bears placed 88% of their bets at $3,300 or lower. Had bulls been a little less greedy, they could have dominated Friday's $365 million expiry.

The Oct. 15 expiry is perfectly balanced between call (buy) and put (sell) options according to the long-to-short ratio. Still, this birdseye view needs further detail, depending on the expiry price.

Source : bitcoinmagazine