After a brief overshoot above $2,000 on May 6, the Ether price has returned to a tight range between $1,820 and $1,950, which has been the norm for the past three weeks.

According to the latest Ether (

As displayed above, the ETH options’ 25% call-to-put delta skew has been neutral for the past two weeks, as the protective put options were trading at a fair price relative to similar neutral-to-bullish call options.

Ether options and futures markets suggest that pro traders are not confident, especially considering the 10.6% rally between May 2-6. Therefore, the weak derivatives indicators are more likely to flip bearish if the three-week sideways movement breaks to the downside.

In other words, if Ether’s price breaks below $1,820, traders should expect a much higher appetite for bearish bets using ETH derivatives, an indicator of distrust and a lack of demand for longs.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.