Ethereum is once again attracting the attention of crypto traders
The cryptocurrency options market has recently seen a resurgence of interest in Ethereum.
The $3,000 level was the aim of almost 20,000 contracts purchased by December 27, 2024.
On Saturday, Ether was down around 1%, trading about $2,400.
The price of Ethereum has fluctuated throughout 2024, hovering around the $2,000 to $4,000 mark. Institutional demand from the Spot Ethereum ETF has not yet translated into increases for the second-largest cryptocurrency.
Trader activity in the options market is the main factor influencing the cryptocurrency market at the moment.
Supporters of Ethereum's price increase among options traders
By December 2024, Ethereum options traders probably expect the altcoin's value to have risen above the $3,000 mark, a significant psychological barrier.
According to recent data from QCP Capital's webcast, options traders purchased almost 20,000 contracts with a target price of $3,000.
Traders anticipate that the cryptocurrency will reach the $3,000 objective by the end of 2024, since the contracts expire on the same day.
Ethereum is once again in the limelight and lends credence to a bullish thesis, thanks to a sudden uptick in interest from crypto traders and an increase in the chain's usefulness after the cbBTC debut.
As this is being written, the price of Ethereum is $2,418.
