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Ethereum options traders have bought over 20,000 contracts targeting the $3,000 level.
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$ETH could soar by 20% to the $2,900 level if it closes a daily candle above the $2,470 level.
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$ETH is trading near the $2,407 level and has experienced a price decline of over 1%.
The recent data from QCP Capital has gained massive attention from crypto traders, especially Ethereum traders, as it suggests that Ether is poised for a significant upside rally before December 2024. According to the data, Ethereum options traders have bought over 20,000 contracts targeting the $3,000 level, set to expire on December 27, 2024.
Ethereum Option Traders Hope for $3,000
It appears that Ether option traders are speculating that the $ETH price will rally to the $3,000 psychological level by December 27, 2024. This latest data sparked hope among traders and investors that there is a high possibility that $ETH could hit the $3,000 level.
Ethereum has been in a downtrend since July 23, 2024, following the approval of spot Ethereum Exchange Traded Funds (ETFs) in the United States. Since then, it has experienced a price decline of over 30%, dropping from $3,500 to $2,400. Additionally, it has been in a range-bound between the $2,840 and $2,200 levels since August 2024.
Ethereum Technical Analysis and Key Levels
Despite the market downtrend, expert technical analysis hints that the current state of $ETH is quite bullish. Recently it experienced a breakout of a descending trendline, successfully retested the breakout level, and is now poised for a massive rally. In addition to the trendline breakout, $ETH has also breached its $2,400 resistance level.
Based on the historical price momentum, if $ETH closes a daily candle above the $2,470 level there is a strong possibility it could soar by 20% to the $2,900 level.
Current Price Momentum
As of writing, Ether is trading near the $2,407 level and has experienced a price decline of over 1% in the last 24 hours. During the same period, its trading volume dropped by 25%, indicating lower participation and potential fear among traders and investors.