Ethereum has been trading in an ascending channel despite the crypto market witnessing a 10% decline in the past fortnight.
The completion of Ethereum Merge will soon be followed by Ether options expiry worth $490 million on September 16. The Merge and options expiry might trigger volatility in the market and put price pressure on both sides. However, bulls seem to be better positioned as Ethereum has so far held above the crucial support of $1,570. It was trading above $1,600, at the time of writing.
It is notable that only 12% of the put options expiring on September 16 are placed above $1,600. The call-to-put ratio stands at 1.06 and presents a balanced picture of the upcoming options expiry.