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Ethereum Trader Wagers Millions on ETH Surpassing $3.4K by June's End

In a bold move reflecting growing optimism in the cryptocurrency market, a trader has invested over $2 million in Ethereum (ETH) call options, betting that the digital asset will exceed $3,400 by the end of June. This significant wager underscores a bullish sentiment among investors, even as Ethereum's current price hovers around $2,460.64.

According to data from the crypto options exchange Deribit, the trader purchased a total of 61,000 contracts set to expire at the end of June, with strike prices at $3,200 and $3,400. This strategy suggests a strong belief in Ethereum's potential to rally significantly within a short timeframe.

Market analysts have noted that Ethereum recently reclaimed the $3,300 mark, indicating increased buying pressure and a potential uptrend. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are showing bullish signals, further supporting the possibility of Ethereum reaching new highs.

However, it's important to consider potential resistance levels. Some analysts caution that Ethereum may face challenges breaking through the $3,353 resistance, which could lead to a short-term pullback.

Despite these potential hurdles, the substantial investment in call options reflects a confident outlook on Ethereum's performance in the coming weeks. As the cryptocurrency market continues to evolve, all eyes will be on Ethereum to see if it can meet or exceed the ambitious $3,400 target by month's end.