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Ethereum options traders bought more than 20,000 contracts targeting $3,000.
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ETH could rise 20% to $2,900 if it closes the daily candle above $2,470.
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ETH is trading near $2407 and has lost more than 1%.
The latest data from QCP Capital has attracted a lot of attention from crypto traders, especially Ethereum traders, as it suggests that Ethereum is poised for a significant rally until December 2024. According to the data, Ethereum options traders bought more than 20,000 contracts targeting the $3,000 level, expiring on December 27, 2024.
Ethereum Options Traders Hoping for $3,000
It seems that Ethereum options traders are speculating that the ETH price will rise to the psychological level of $3,000 by December 27, 2024. The latest data has given hope to traders and investors that there is a high probability that ETH could reach the $3,000 level.
Ethereum has been in a downtrend since July 23, 2024, following the approval of Ethereum spot exchange-traded funds (ETFs) in the United States. Since then, its price has fallen by more than 30%, falling from $3,500 to $2,400. It has also been in a range between $2,840 and $2,200 since August 2024.
Ethereum Technical Analysis and Key Levels
Despite the downward trend of the market, expert technical analysis suggests that the current state of ETH is quite optimistic. It recently experienced a breakout of the descending trend line, successfully tested the breakout level, and is now poised for a powerful rally. In addition to the breakout of the trend line, ETH also broke through its resistance level of $2,400.
Based on historical price action, if ETH closes the daily candle above $2,470, there is a high chance it will skyrocket 20% to $2,900.
Current Price Momentum
At the time of writing, Ether is trading around $2,407 and has lost more than 1% in value over the past 24 hours. Trading volume has fallen by 25% over the same period, indicating a decline in participation and potential fear among traders and investors.
