Ether Nears All-Time High as Options Traders Position for $5K Breakout
Ethereum’s native asset, ETH, is closing in on its all-time high, fueled by strong upside momentum and heightened activity in the derivatives market. Bullish bets are accelerating as traders anticipate a breakout above the $5,000 mark.
Over $5 million in options premiums were spent in the past 24 hours on Deribit-listed $5,000 call options expiring Sept. 26, according to Amberdata. Ether is currently trading around $4,670 — up 26% this month — as enthusiasm builds across both institutional and retail investor segments.
Options flow continues to tilt bullish. Traders have also opened positions at higher strikes, including $5,500 and $6,000, while one participant executed a $7,500 call for the December expiry via Paradigm, signaling longer-term confidence in ETH’s trajectory.
“ETH has room to outperform,” said Greg Magadini, director of derivatives at Amberdata. “The market has sidelined Ethereum for months, but the current setup points to a breakout. First target is $5,000, with $7,200 possible if ETH/BTC climbs to 0.06 and BTC holds near $120K.”
Despite the rally, retail sentiment remains cautious. Blockchain analytics firm Santiment noted that smaller holders are still selling into strength — a behavior historically associated with further price gains.
“Retail traders have shown fear and disbelief even as prices push higher,” Santiment said on X. “Large stakeholders are accumulating ETH from smaller participants, reducing resistance to further upside.”
ETH now sits just 4.4% below its all-time high of $4,861, set in November 2021. While Bitcoin already surpassed its prior peak in March 2024 and moved into six-figure territory, ETH has yet to follow — remaining range-bound for much of the cycle.
With rising options activity, institutional demand, and increasingly favorable sentiment, Ethereum is setting the stage for a potential breakout into new record territory.
