Ethereum options trader big bet, $3,000 target on radar
The latest data from QCP Capital has received a lot of attention from crypto traders, especially Ethereum traders, as it suggests that Ether is poised for a significant upside rally before December 2024. Level, which expires on December 27, 2024.
Ethereum option traders are hoping for $3,000
Ether option traders seem to be speculating that the price of ETH will rise to the $3,000 psychological level by December 27, 2024. This latest information has created hope among traders and investors that there is a high probability that ETH will 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, it has experienced a price drop of more than 30 percent, dropping from $3,500 to $2,400. Additionally, it is in the range between $2,840 and $2,200 levels from August 2024.
Ethereum technical analysis and key levels
Although the market trend is down, expert technical analysis suggests that the current situation of ETH is very difficult. The downtrend line recently experienced a breakout, successfully tested the flow level, and is now poised for a major rally. In addition to breaking out of the trendline, ETH also breached the $2,400 resistance level.
Based on the historical price movement, there is a strong possibility that ETH could rise by 20% to the $2,900 level if it closes a daily candle above the $2,470 level.
Current price momentum
As of writing, Ether is trading at $2,407 and has experienced a price drop of over 1% in the last 24 hours. During the same period, trading volume fell by 25 percent, indicating low participation and concern among traders and investors.
