Options data from Deribit suggest ETH might not see a strong breakout in October, but rather hit a strong move above $3K after the US elections.
This is due to uncertainty surrounding DeFi regulation and the upcoming US elections.
US Elections could impact Ethereum market. If ETH can break its roadblocks and hit $2.9K, it could see an additional 8% growth. This is due to the decreasing odds of ETH hitting $3K before US elections and increasing odds of $3K per ETH by the 8th of November, just after the US elections. In the meantime, this week’s 8% run-up saw over 220K ETH of Open Interest added on the Binance exchange, indicating bullish bets. However, high leverage means high levels of liquidation risk, especially if ETH price dragged lower and dumped harder.
Therefore, the support at $2300, the 50-day EMA, and the roadblock could be key interest levels in the short term.
