Almost all traders are eyeing Ethereum ETH to either remain stable or increase in value, according to analysis of Bitcoin and Ethereum predictions and money commited to trades on blockchain-based derivatives trading platform CloseCross.
There was hardly any interest in the downward price. This could be interpreted as showing that the trading community does not seem to be worried of any downward price pressures and the bears are still not at play.
CloseCross, which is regulated under MIFID II rules, enables traders to generate profits through a simplified three clicks process of selecting an asset, predicting price-bracket(s) and committing funds to these predictions, for a variety of asset classes including crypto, stocks, indexes, commodities, forex pairings, etc.
As of mid-June, overall, around 4 out of 5 of Ethereum and Bitcoin trades on the CloseCross platform this month are for the cryptocurrency to increase in value from its price on 1 June, or for it to end the month with more or less no change. Only about 20% are predicting a fall in value.
CloseCross added that there is a higher interest in contracts for Ethereum then for Bitcoin and while this isn't conclusively saying anything yet, it could be interpreted as Ethereum being currently favoured by the trading community.
CloseCross CEO, Vaibhav Kadikar, said: "Traders are predicting price stability for Ethereum and Bitcoin for both mid-month and end of month contracts. This indicates that the trading community does not seem to be worried of any downward price pressures and the bears are still not at play."
"There is no product on the market today, besides ours of course, that allows a trader to make profits without the asset price actually having to move significantly away from its current levels. Most derivative contracts only let traders make profits by making them commit to trades that are far "out of money". We don't do that. You can make a trade at CloseCross and say that the price will be the same as today and still make money if you're right."
