ETH is in a “buy the dip” zone according to Coinbase analysts: the six‑month options skew is flattening, futures show long‑bias but not froth, and valuation models (MVRV Z‑score) remain below cycle‑peak extremes, creating a favorable risk/reward for buyers near $4.5K–$5K.
Flattening 6‑month options skew signals reduced medium‑term bearish demand
Futures open interest is high and funding is positive, indicating a long‑biased but non‑overheated market
Valuation (MVRV Z‑score ~2) and funding rates below past local top levels support continued upside potential
Meta description: ETH buy the dip — Coinbase finds neutral options skew and manageable futures leverage, highlighting a potential buying opportunity near $4.5K. Read quick analysis & outlook.
Why do Coinbase analysts say ETH is in a “buy the dip” zone?
Coinbase analysts argue that the recent ~10% pullback from Ethereum’s August ATH, combined with a near‑flat six‑month 25‑delta put‑call skew and supportive valuation metrics, creates a constructive entry window for buyers. The most important signals are options positioning, futures leverage, and MVRV readings, which together favor risk‑on positioning into Q4.
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How do options and futures data support this view?
Options: The 1‑month 25‑delta skew showed a small put premium, reflecting short‑term hedging. The 6‑month skew is falling and closer to flat, indicating declining medium‑term demand for downside protection.
Futures: Open Interest sits near record highs (~$30B), and perpetual funding rates are positive but below extreme levels (sub‑0.04–0.06). This suggests a long‑biased leverage regime that can amplify trends without the froth seen at prior tops.
Coinbase and Glassnode data were cited for options skew and funding context. TradingView price charts show ETH consolidating between $4K and $5K. These sources are mentioned as plain text and not linked.
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A rising short‑term skew can indicate immediate caution from market participants. In this episode the 1‑month skew ticked up modestly, reflecting near‑term hedging. But the 6‑month skew falling points to a neutral to constructive medium‑term stance. For traders, that means short‑dated protection is prudent while medium‑term directional exposure remains viable.
High Open Interest (~$30B) with positive funding confirms speculative interest. However, funding remains below levels associated with previous local tops, suggesting the market is not excessively overheated. This configuration supports trend continuation but increases liquidation risk around negative catalysts.
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