- Crypto options market shows a sudden revival of interest in Ether.
- Over 20,000 contracts were bought targeting the $3,000 level by December 27,2024.
- Ether hovers around $2,400 on Saturday, down nearly 1% on the day.
Ethereum has traded in a range between $2,000 and $4,000 level throughout 2024. The second largest altcoin is yet to observe gains in response to institutional demand from the Spot Ethereum ETF.
The key market mover for the altcoin is currently options market activity of traders.
Ethereum options traders are bullish on a rally
Ethereum options traders likely anticipate a rally to the $3,000 level, a key psychological barrier for the altcoin, by December 2024.
Data from QCP Capital’s recent broadcast shows that over 20,000 contracts that target the $3,000 level were bought by options traders.
The contracts expire on December 27, 2024, meaning traders expect the altcoin to hit the $3,000 target by the end of the year.
The news of Coinbase’s cbBTC is another catalyst that could drive gains in the altcoin.
cbBTC is onchain.
cbBTC is an ERC20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase.
This means millions of BTC holders can now securely access DeFi apps on @base and Ethereum ecosystems—with more chains coming soon.
Here’s what you need to know ↓ pic.twitter.com/nF8mF3JGms
— Coinbase ️ (@coinbase) September 12, 2024
Sudden revival in crypto traders’ interest in Ethereum and a spike in the chain’s utility with cbBTC launch pushes Ethereum back in the spotlight and supports a bullish thesis.
Ethereum trades at $2,418 at the time of writing.
