Right, so apparently Ethereum [ETH] has been doing a little dance, a 70% shimmy from its April lows, which, according to some clever clogs at Amberdata, might just be the start of a proper knees-up to $3.5K-$6K. One can only hope, darling. 🤞
- Per Amberdata, ETH could, possibly, maybe, rally higher if the U.S. spot ETH ETF staking gets the nod. Fingers crossed, and all that.
- The options market, which sounds terribly complicated, is apparently positioned for a $6K upside ETH target by December 2025. Let’s see if it actually happens.
In their weekly market report – honestly, who has the time to read these things? – Amberdata’s Greg Magadini wrote,
“There’s a good argument for ETH ‘catching-up’ as spot ETFs with staking rewards could be a catalyst for institutional participation and sentiment turns around. No reason to be ‘calling tops’ right now.”
ETH catalysts
The SEC, those delightful chaps, have postponed their decision on staking applications for spot ETH ETFs from Grayscale and Hashdex, pushing the review period to between June and October. Honestly, the suspense is killing me. 🙄
But most analysts, bless their cotton socks, including Magadini, believe this extra staking yield (3% per year) could be a key catalyst for demand for spot ETH ETFs, eventually rallying ETH. One can dream, can’t one?
In fact, the executive pointed to recent strong bullish inflows targeting $3.5K and $6K by year-end, suggesting traders are positioning for such a scenario. Let’s hope they know something we don’t, eh?
“ETH block trades last week saw some very bullish flow in EOY December options. $3,500 / $6,000 call spreads traded for 30,000x contracts through 10 distinct trades. The total premium spent here was a little over $7 million.”
Call options are bullish bets or protection for the upside, reflecting bullish sentiment for future price action. Puts, on the contrary, refer to the opposite and downside protection, underscoring a bearish bias. 🤷♀️
Simply put, traders expected ETH to rally between $3.5K and $6K by December 2025. Well, wouldn’t that be lovely?
On-chain data also supported the continued uptrend thesis. Since April, over 1 million ETH (about $2.38 billion) have been moved from exchanges between April and mid-May. Blimey, that’s a lot of digital dosh.
This mirrored broader accumulation amid the renewed altcoin surge.
That’s a significant reduction in selling pressure that could further boost the rally. Despite the mid-term bullish outlook, ETH’s short-term momentum weakened slightly at press time. Oh dear, a little wobble. 😬
According to crypto trader and analyst, Income Sharks, ETH’s On Balance Volume (OBV) retreated, suggesting reduced volume that could drag the rally.
Besides, he added that the formation of a bearish head and shoulder pattern could drag ETH lower if validated. Oh, bother. 😟
On the daily price chart, however, ETH flashed a golden cross, a formation that sometimes precedes massive rallies. Well, that’s a relief. 🎉
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2025-05-19 14:19