Ethereum is once again capturing the spotlight as crypto traders turn their focus back to the altcoin. The options market is buzzing with excitement, with nearly 20,000 contracts aiming for the $3,000 level by December 27, 2024. Despite the current market dip, with Ether slipping 1% to hover around $2,400, the bullish sentiment remains strong.
In 2024, Ethereum’s price has danced between $2,000 and $4,000, but institutional interest, including the Spot Ethereum ETF, has yet to trigger a significant rally. However, options traders are now fueling market activity, betting that Ethereum will break through the psychological $3,000 barrier by year-end.
According to data from QCP Capital, this surge in options contracts suggests growing confidence in a major price movement. With Ethereum’s ecosystem growing, especially after the cbBTC launch, all eyes are on the altcoin’s next move.
As of today, Ethereum trades at $2,418, setting the stage for an exciting close to the year.