A key change in Ethereum options pricing hints that ETH price could rise beyond $1,350

Ethereum rate (ETH) gained 10.2% from Jan. 4 to Jan. 10, breaching the $1,300 resistance without much effort, however has the Ether price relocation cast a light on whether the altcoin is ready to start a new uptrend.Will Ethereum

‘s former resistance level turn to support?

After evaluating the $1,200 support on Jan. 1, the eight-week rising channel has actually shown strength, however Ether bulls fear that negative newsflow may break the pattern to the downside.

Regardless of the favorable rate trend, the sentiment around Ethereum and other cryptocurrencies hasn’t been extremely attracting. For example, on Jan. 8, Xiao Yi, the former Chinese Communist Party secretary of Fuzhou, admitted to “acting recklessly”in support of crypto mining. Xiao seemed to speak from what appeared to be a jail, excusing causing “severe losses” to the Fuzhou region.On Jan. 10,

South Korean tax agents apparently raided Bithumb’s exchange offices to explore a possible tax evasion case. On Dec. 30, Park Mo– an executive at Bithumb’s parent business– was found dead, though he was under examination for embezzlement and stock price manipulation.This week(Jan. 10),

Cameron Winklevoss, the co-founder of the Gemini exchange, issued an open letter to Barry Silbert, CEO of Digital Currency Group (DCG). In the letter Winklevoss makes some severe fraud allegations and demands that the Grayscale fund management holding business dismiss Silbert to supply a resolution for Gemini’s Earn users.The ongoing crypto winter season left another scar on Jan. 10 as the U.S. leading cryptocurrency exchange Coinbase revealed a 2nd round of layoffs, affecting 20%of the workforce. However, the exchange’s CEO, Brian Armstrong, attempted to decrease the damage by stating that Coinbase stays”well capitalized”and he attempted to tranquilize financiers with business-as-usual messages.Consequently, some investors think Ether might revisit rates listed below$600 as fear remains the common sentiment. For instance, trader Crypto Tony expects the current triangle development to cause another “leg down later this year.”$ETH/$ USD-Update Unless we secure$ 2,200 on the macro level I am treating this as consolidation for a B or X wave, before we

get one more leg down later on this year Volume is contracting and I likewise expect this to decrease down lower. Pay attention pic.twitter.com/LTik7GXEYa!.?.!— Crypto Tony (@CryptoTony__)January 10, 2023 Let’s take a look at Ether derivatives data to
understand if the bearish newsflow has actually caused traders to prevent utilize longs and neutral-to-bullish alternative strategies. Cast your vote now!Leveraged bulls lagged the

recent rally Retail traders typically avoid quarterly futures due to their rate difference from spot markets. On the other hand, professional traders prefer these

instruments since they avoid the change of funding rates in a perpetual futures agreement. The two-month futures annualized premium must trade between +4%to +8%in healthy markets to cover costs and associated risks. When the futures trade at a discount rate versus regular spot markets, it reveals a lack of confidence from take advantage of buyers, which is a bearish