Ethereum bounces from a key bullish zone, confirming strong structural support and igniting discussions of a breakout toward the $10K level.
Glassnode data shows Ethereum options skew turned deeply bullish, with strong demand for short-dated calls indicating rising upside expectations.
With the Put/Call ratio near record lows, traders continue to position for gains, reinforcing bullish momentum across technical and derivatives markets.
Ethereum (ETH) is gaining momentum as bullish technical signals and growing options market interest point to a potential breakout.
Bullish Structure Confirmed by Key Support Zone
Market analysts point to Ethereum’s recent bounce from a crucial bullish order block as a validation of strong underlying structure. Popular trader Crypto Patel stated that Ethereum “bounced PERFECTLY from the Bullish OB zone” and confirmed that the structure currently appears “super bullish.”
Source: Crypto Patel
He also emphasized a long-term perspective by suggesting support is now secured for the next market downturn. Crypto Patel’s forecast includes a breakout with potential upside reaching $10,000, reflecting a projected gain of over 438%.
This view suggests market participants are aligning behind a growing belief in continued price strength, supported by favorable technical conditions and established support levels.
Options Market Reinforces Bullish Expectations
Glassnode data further confirms the positive sentiment. The on-chain analytics provider reported that Ethereum’s options activity remains strongly tilted toward calls. The Put/Call open interest ratio stands at 0.43, while the Put/Call volume ratio has dropped to 0.63. This skew toward call options signals rising speculative demand for upward exposure.
https://twitter.com/glassnode/status/1932832698822967387
Glassnode added that short-term options skew has become more negative in the past 48 hours. The 1-week skew moved from -2.4% to -7.0%, and the 1-month skew from -5.6% to -6.1%. These changes indicate increasing interest in short-dated calls, showing that traders expect more near-term gains.
https://twitter.com/glassnode/status/1932787400893178252
Such options data reflects the broader optimism currently prevailing across the Ethereum ecosystem.
Upside Potential Gains Attention from Traders
Ethereum’s price movement, together with the evolving structure and options activity, suggests increasing alignment among traders. The combination of technical strength and growing options volume skewed toward bullish positions is drawing attention.
Crypto Patel’s target of $10,000 reflects wider sentiment from segments of the market anticipating a large move. With $ETH currently seeing high trading volumes, confidence continues to build around further upside potential in the weeks ahead.
At press time, ETH trades at $2,857.37, marking a 4.18% gain over the past 24 hours and a 7.14% rise over the week.
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