Derivatives data shows Ethereum traders positioned to extend the ETH rally

Ether (ETH) price rallied 32% leading up to August 23, and despite testing the $3,000 support multiple times, the level has held firmly. Meanwhile, (BTC) could not sustain the $50,000 mark, at least in the short-term. According to Cointelegraph, pro traders are not yet inclined to add bullish positions according to derivatives metrics.

Surprisingly, the opposite situation emerges when looking at the sentiment of Ether traders who currently show a reasonable degree of confidence in the current price level.

Ether (ETH) price in USD at Kraken. Source: TradingView
Bitcoin 3-month futures annualized basis. Source: laevitas.ch
Deribit ETH options 25% delta skew. Source: Laevitas