Greeks.live: ethereum falls below $2,000 key support level as traders are generally bearish

March 28 (Bloomberg) -- Greeks.live analyst Adam says traders are generally bearish on ethereum, citing weakness in ETHBTC and a drop in ethereum price below the $2,000 key support level. Most see selling Ether calls as one of the best strategies in the near term, while Bitcoin is seeing some support above $85,000.

On the options trading front, most see the calendar spread strategy (selling close and buying far) as advantageous in the current ethereum market, especially after today's massive options expiration. Meanwhile, the Bitcoin price has been supported above $85,000. According to analysts, this is mainly attributed to the buying protection of around 1,500 bitcoins on the Coin Exchange, as well as the hedging behaviour of market makers. Several traders shared their recent experience that it is safer to adopt an option hedging strategy than to keep price exposure, especially in light of the current increased market uncertainty.