Ethereum Bulls Target New Heights as Deribit Options Activity Surges
Ethereum’s native asset, ether (ETH), is accelerating toward what could be a record-breaking rally, sparking a wave of aggressive trading in the options market. Traders on Deribit are placing significant wagers on ETH surpassing its all-time high, with momentum building rapidly in recent days.
Big Money Eyes $5,000+ ETH
In the past 24 hours, traders have committed over $5 million to $5,000 strike call options set to expire on September 26, according to figures from Amberdata. This aggressive positioning shows that a growing segment of the market believes ETH will cross the $5,000 mark before the quarter ends.
ETH is currently priced around $4,670, reflecting a 26% gain over the past month based on CoinDesk data. The optimism isn’t limited to the $5,000 level — traders are also scooping up calls for $5,500 and $6,000, alongside bullish spreads. Over-the-counter platform Paradigm even noted a large purchase of $7,500 strike calls expiring in December, signaling confidence in a major year-end rally.
ETH Playing Catch-Up in the Crypto Race
While ETH’s recent surge is impressive, it has still underperformed compared to Bitcoin (BTC) and XRP this cycle. BTC shattered its 2021 record months ago, climbing into six-figure territory, while ETH spent much of the past two years consolidating between $2,000 and $4,000.
Greg Magadini, Director of Derivatives at Amberdata, sees considerable upside from here:
“Sentiment around ETH has been deeply negative, leaving plenty of space for a sharp move higher. The first key target is $5,000 for a new all-time high, followed by around $7,200 if ETH/BTC returns to its mid-range value of 0.06 with BTC near $120k.”
Retail Sells, Whales Accumulate
Data from blockchain analytics firm Santiment reveals that retail investors have been offloading ETH into the rally — a historically bullish setup, as price movements often defy the expectations of smaller traders.
The firm noted that large holders are taking advantage of this selling pressure:
“Major players are absorbing the ETH supply that smaller traders are parting with. This lack of retail-driven resistance is creating favorable conditions for ETH to push into record territory.”
A Historic Breakout Within Reach
ETH now sits just 4.4% below its November 2021 all-time high of $4,861. Breaking that level would mark Ethereum’s first new peak in nearly four years — a milestone that could accelerate buying pressure from both retail and institutional investors.
With derivatives traders betting on strikes as high as $7,500, whale accumulation continuing, and sentiment still cautious among the broader public, Ethereum could be on the verge of one of its most significant rallies in history.
