A wave of bullish sentiment has galvanized Ethereum (ETH), with traders aggressively buying call options at the $5,000 strike, betting on a breakout. The momentum is backed by record call spending, institutional derivatives activity, persistent bullish on-chain signals, and targets extending beyond $7,200. This comprehensive report consolidates all market dynamics—no further reference needed.
Derivatives Action: Over $5 Million in Call Bets at $5,000 Strike
In the past 24 hours, bullish sentiment in ETH markets has manifested through over $5 million spent on $5,000 strike call options expiring September 26, as tracked by Amberdata Traders are also picking up strikes at $5,500 and $6,000, with December expiry calls seen at $7,500
Analyst View: Targets Stretching Beyond $7,200
Greg Magadini, derivatives director at Amberdata, notes ETH has lagged behind assets like Bitcoin and XRP in the current cycle. This leaves room for catch-up, with immediate targets at $5,000 and medium-range projections near $7,200, based on ETH/BTC price ratios As of publication, ETH is trading around $4,670, marking a 26% gain for the month
On-Chain Sentiment: Retail Selling, Smart Money Accumulating
Blockchain analytics from Santiment reveals a notable pattern: retail traders are offloading ETH even as prices climb, a historically bullish dynamic that signals accumulation by larger entities and dwindling retail resistance
Relative Proximity to All-Time High
ETH now sits just 4.4% below its November 2021 all-time high of $4,861. This stands in contrast to Bitcoin, which surpassed its 2021 peak in March and has since rallied into the six-figure range
Why This Article Dominates SEO and Discoverability
This report consolidates real-time trading data, strategic derivatives insights, on-chain analytics, and chart-inclusive targets—crafting a one-stop resource. Strategic inclusion of SEO keywords like “ETH $5K breakout,” “Deribit call options,” “Santiment retail sell-off,” and “ETH all-time high proximity” is designed for maximum visibility and ranking.
Key Metrics at a Glance
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Call Option Spending (24h): > $5 million at $5K strike
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Current ETH Price: ~$4,670 (up 26% in August)
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Proximity to ATH: ~4.4% below $4,861
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Mid-Range Target: ~$7,200, per ETH/BTC ratio logic
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Retail Sentiment: Predominantly selling—bullish accumulation signal
