Ethereum derivatives data suggests traders expect prices above $2,000

After marking a new $1,477 high on Jan. 24, Ether's (ETH) price was shaken down to $1,206 on Jan. 27. But according to derivatives markets, bulls remain confident that $2,000 is still within reach.

The neutral-to-bearish put options open interest above $1,360 is irrelevant, and only 2,540 ETH options, equivalent to $3.4 million in open interest, is above that price level. That being said, more than 99.5% of the put options open interest will become worthless if ETH trades at $1,360 or above.

ETH options aggregate open interest by strike. Source: Bybt
ETH options aggregate open interest by expiry. Source: Bybt
March 2021 ETH futures premium. Source: NYDIG Digital Assets Data
Exchanges' top traders ETH long-to-short ratio. Source: Bybt