Ethereum (ETH) Index Hits 'Greed' Zone, Here's What It Means

bought 26,000 ETH put options

with a strike price of $400, betting on ETH to go down that much. The options will expire on June 30. Unlike call options, put options allow investors to sell an underlying asset at a strike price they bet on, even if the asset drops lower. This bearish bet might be based on the Shanghai upgrade that is set to launch in February. Among other things, the upgrade will allow stakers to move their staked Ether out of the Ethereum 2.0 deposit contract.

Still, despite this bearish bet, Santiment on-chain data aggregator believes that Ethereum still has a chance of rising and catching up with its previous all-time high close to the $5,000 level. The team of analysts believes that after Ethereum reached the aforementioned historic peak, it got hit due to extremely high transaction fees of $60. Now that these fees have dropped to merely $2, the price has surged once again, Santiment believes.

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