ETH Traders Spend $5M for Calls as Ether dey eye $5K Breakout
Ethereum own token ETH dey rally go fresh record high, wey dey ginger bullish activity for options market. For di last 24 hours, traders don spend pass $5 million on call options wey get $5,000 strike wey expire for Sept. 26, dem dey bet say ETH go breakout. More call buying show for $5,500 and $6,000 strikes, plus bull call spreads. One OTC person even open $7,500 strike position for December expiry. ETH don gain 26% dis month, e dey trade near $4,670 and just 4.4% below im all-time high of $4,861. Analysts for Amberdata talk say still get room for more rise, because say sentiment low and ETH/BTC ratio dey support target reach $7,200. On-chain data from Santiment show say retail traders dey sell into strength, meanwhile key holders dey accumulate, wey dey reduce resistance to ETH breakout. With bitcoin don enter six figures and XRP dey new highs, ether surge and heavy call-buying tanda strong bullish confidence. Traders and institutions look like dem dey position for further upside to reach and cross $5,000.
Bullish
Heavy call-option purchases dey signal say traders and institutions get strong bullish belief. Over $5 million commit to $5,000 strike calls, plus more moves for higher strikes and bull spreads. On-chain analytics show retail dey sell but key holders dey accumulate, wey reduce resistance for ETH breakout. Historically, similar pre-breakout call stacking don come before big rallies for ETH and BTC. Based on short-term technical setup and positive sentiment change, dis news fit drive short-term momentum towards $5K and support long-term uptrend.