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The Price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain network, hit a new record of $ 1,500 today. Data suggests that the ETH options market showed dominant call activity, and this may be a primary factor in the rally to a new high.

On major exchanges, the price of ETH surpassed $ 1,500 after the options market showed dominant call activity.

In the options market, there are two types of contracts: put and call contracts. Puts are sell orders and calls are buy orders. If there are more calls in the market, it means the options market is bullish.

ETH / USDT 15 Minute Chart (Binance). Source: TradingView.com

The options market was dominated by calls for the rally

Ahead of the rally to a new record, analysts from Laevitas, a data analytics platform, said 80% of Deribit’s ETH volume was dominated by calls.

Based on this volume trend, the analysts predicted that ETH is likely to see a major rally. She said:

“#ETH 1-month VIX has reverted to the levels last seen in early January as the price stabilizes close to ATH. 80% of @DeribitExchange volume is dominated by calls these days, looks like it’s about to pop. “

Within hours, the ETH soared to more than $ 1,500, setting a new record for the second time in a month.

ETH flirted with its all-time high for the past week, but each time it got close to resistance, the price was knocked down to the nearest underlying support.

The fact that the price did not see a deep drop after retesting from the previous record high meant the resistance weakened. That is why the resistance level was broken in the fourth new test.

As Three Arrows Capital CEO Su Zhu said, Ether’s momentum has been so strong that if an investor sold BTC to ETH at its peak of $ 41,000, the investor would have made more than selling to the US dollar. He said:

Crazy thought, but you would have made more by selling $ BTC to $ ETH than btc to usd to the local 41k top. Crypto / crypto if you want to play cycles. Crypto / fiat only. “

So what’s next for Ethereum?

Traders say if the daily Ether candle closes above USD 1,440, it would reinforce a bullish uptrend. A pseudonymous trader known as ‘Trader Koz’ said:

“Daily close above USD 1,440 confirms the low in my opinion. There is still time to decline this, so I try to postpone the full celebration until later. “

Researchers from IntoTheBlock shared a similar sentiment. After Ether broke $ 1,500 for the first time in history, the researchers reported said on-chain activity has returned to January 2018 figures.

“ETH breaks the $ 1,500 barrier for the first time and begins price discovery. And to celebrate ATH, here are some facts: – 100% Address Profitability – Transactional Activity on the Chain Back to January 2018 Figures (Average of 1, 16 million per day) – 52.38m addresses with ETH (ATH) “