The price of Ethereum's Ether (ETH) may soon soar, as traders are betting through a bullish call spread that the asset will reach $6,000 this year. The valuation of ETH has plummeted from $4,000 in December 2024, but has started a strong rebound since May this year. As of the time of writing, the Ethereum token has risen 57% in just the past 30 days. Traders are betting that the asset will continue to rise throughout the summer and hit new highs before the end of the year.

Last week, large traders (typically institutions and high-net-worth investors) executed a bullish options spread trade on Ether. Traders selected a call option at $3,500 while shorting an equal amount of call options with a strike price of $6,000.

These bets will expire on December 26, meaning Ethereum must reach that price before then to gain rewards. Traders executed this strategy through the over-the-counter trading platform Paradigm, which was later listed on the cryptocurrency exchange Deribit. Traders executed 30,000 contracts of the $3,500/$6,000 call options spread in 10 separate trades, with an initial liability/cost slightly above $7 million.

Undeniably, the cryptocurrency market has rebounded significantly this week. After months of stagnation, changes in the macroeconomic and geopolitical landscape have brought some optimism. Ethereum and Bitcoin led the rebound, with most analysts believing that the upward trend is not yet over.