The recent data from QCP Capital has garnered immense attention from crypto traders, especially Ethereum traders, as it suggests that Ether is poised for a significant upward rally before December 2024. According to the data, Ethereum options traders have purchased over 20,000 contracts targeting the $3,000 level, which expires on December 27, 2024.
Ethereum options traders hope for $3,000
It seems that Ether options traders are speculating that the ETH price will rise to the psychological level of $3,000 by December 27, 2024. This latest data raises hopes among traders and investors that there is a high possibility that ETH can reach 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, its price has dropped by over 30%, from $3,500 to $2,400. Moreover, it has been range-bound between the $2,840 and $2,200 levels since August 2024.
Ethereum Technical Analysis and Key Levels
Despite the market decline, expert technical analysis suggests that the current state of ETH is quite bullish. It recently 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 broken through its $2,400 resistance level.
Based on historical price momentum, there is a high probability of a 20% rise towards the $2,900 level if ETH closes a daily candle above the $2,470 level.
Current Price Momentum
At the time of writing, Ether is trading around the $2,407 level and has experienced a price drop of more than 1% in the past 24 hours. During the same period, trading volume dropped by 25%, indicating lower participation and possible fear among traders and investors.
