Ether (ETH) Price Could Rally to $5,000 by June, Data Shows
- Lyra protocol predicts 20% chance of ETH hitting $5,000 by June, fueled by ETF optimism.
- Traders favoring ETH call options above $5,000 strikes, indicating bullish sentiment.
- Deribit CEO notes increasing demand for ETH call options, signaling positive market outlook.
- $2.7 billion in Bitcoin and Ether options set to expire, revealing market sentiment.
- ETH price drop attributed to $27 million sell order and strong U.S. dollar impact.
- ETH briefly dips below $3,800 due to large sell order from Symbolic Capital Partners.
Summary :
According to data from the decentralized options marketplace Lyra, there is a 20% chance that the price of ether (ETH) will rally to $5,000 by the end of June. Traders have been buying up ether call options at the $5,000 strike and higher, indicating a bullish outlook. To reach this new record high, ether would need to rise by about a third from its current level of around $3,740. This week, the price of ether surged by over 20% due to optimism surrounding the potential approval of spot ETH exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Lyra's founder, Nick Forster, stated that there is also a 20% chance of ETH moving above $5,500 by July 26. Lyra is a decentralized settlement protocol for spot, perpetuals, and options trading. In the past 24 hours, the protocol registered a crypto options trading volume of $1.33 million, accounting for over 50% of the global decentralized finance (DeFi) options tally. Meanwhile, approximately $2.7 billion in Bitcoin and Ether options are set to expire on May 24, providing insights into market sentiment. The upcoming expiry includes 21,000 Bitcoin options and 350,000 Ether contracts. The put/call ratio for Bitcoin options is 0.88, indicating a near-even balance between buyers and sellers. For Ether options, the put/call ratio is 0.58, suggesting a slightly bullish tone. The options expiry event is not limited to Bitcoin and Ether, as a significant $4.3 billion worth of options are set to expire on May 31.
Sources :
- Coindesk
- TheBlock
- CoinTelegraph
- Coindesk
