Monthly Ethereum options data suggests $2K will remain an elusive target

cointelegraph.com:

Since failing to close above the $2,000 mark, Ether (ETH) price has faced a steep 16.8% correction, but this was not enough to give bears an edge in the August $1.27 billion monthly options expiry.

Currently there are mixed feelings about the network’s upcoming change to a proof of stake (PoS) consensus network and analysts like @DWhitmanBTC, believe the potential benefits of PoS do not supercede the absence of a supply cap and multiple changes in the monetary policy over time.

uLtRaSoUnD mOnEyIs #Ethereum even money?If so, what’s the supply limit? What’s the monetary policy?How can anyone trust that it won’t be changed?

Regardless of the long-term impact, Ether price was positively impacted by the tentative Merge migration date announcement from a July 14 Ethereum developers call. Influencer and technical analyst Crypto Rover said that Ether would "drop so hard on the Merge day," as a result of traders unwinding their positions.

I think #Ethereum will drop so hard on the Merge day. The whole anticipation is getting not bought up on the spot market but on the futures market.Be warned.

One thing is for sure, leveraged Ether buyers were not expecting the steep correction on Aug. 18 and data from Coinglass shows the move liquidated $208 million at derivatives exchanges.

The open interest for Ether's July monthly options expiry is $1.27 billion, but the actual figure will be lower since bears were overly-optimistic after ETH traded below $1,600 between Aug. 20 and Aug. 22. Breaking above that resistance surprised bears because only 17% of the put (sell) options for Aug. 26 have been placed above that price level.

The 1.18 call-to-put ratio shows the dominance of the $685 million call (buy) open interest against the $585 million put