ETH Approaches Record High as Traders Pile Into Bullish Options Bets
Ethereum’s native token, ETH, is gaining momentum and closing in on its all-time high, as traders in the options market ramp up bets on a breakout above $5,000.
Over the past day, more than $5 million has flowed into Deribit-listed call options targeting the $5,000 strike price, with expiry set for September 26, according to data from Amberdata. ETH is currently trading at $4,670, up 26% month-to-date, reflecting strong market confidence and accelerating demand.
Bullish flows weren’t limited to $5,000 calls — traders also picked up contracts at $5,500, $6,000, and even a $7,500 December call, according to OTC platform Paradigm. The derivatives activity signals conviction that ETH could surpass its 2021 record high of $4,861 in the near term.
“Sentiment around ETH has been muted, even as price climbs. This gives ETH substantial room to catch up with BTC and XRP, both of which have already made new highs this cycle,” said Greg Magadini, director of derivatives at Amberdata. He projected potential upside to $7,200, assuming ETH/BTC returns to the mid-range of 0.06 with BTC at $120K.
Despite the rally, blockchain analytics firm Santiment highlighted that retail traders are still selling into strength, with fear, uncertainty, and doubt (FUD) dominating sentiment.
“Historically, price tends to move opposite to retail sentiment,” Santiment noted. “Current conditions reflect ongoing accumulation by large stakeholders, while smaller holders exit positions — a setup that has often preceded major breakouts.”
ETH is now less than 5% below its all-time high, set in November 2021, while Bitcoin surpassed its previous peak in early 2024 and continues to rally past $120,000. ETH, by contrast, has remained in a broad consolidation zone between $2,000 and $4,000 — until now.
With strong inflows into ETH ETFs, improving macro tailwinds, and elevated demand in the options market, ETH could soon join BTC in uncharted territory.
