ETH Eyes Record High as Traders Bet on $5K Breakout

Ethereum’s native token, ether (ETH), continues its highly effective surge, sparking frenzied exercise within the Deribit-listed choices market, the place merchants are making bullish bets on additional upside.

Over the previous 24 hours, merchants have spent greater than $5 million on the $5,000 strike name choice expiring on Sept. 26, per knowledge tracked by Amberdata. The patrons are betting on an ETH breakout above $5,000 by the tip of this quarter. As of writing, ether modified fingers at $4,670, representing a 26% acquire for the month, in response to CoinDesk knowledge.

Traders additionally picked up calls on the $5,500 and $6,000 strikes and bull name spreads. OTC tech platform Paradigm stated in a Telegram replace {that a} market participant lifted the December expiry name on the $7,500 strike.

According to analysts, there’s loads of upside in ether, which has lagged not solely bitcoin but in addition XRP in setting document highs throughout this cycle.

“With everyone sidelined from ETH and sentiment being completely in the dumps, there remains a lot of room for ETH to catch up. Immediate targets are $5,000 (breaking into new ATH territory) and around $7,200 (given the mid-range ETH/BTC price of 0.06 with BTC around $120k),” Greg Magadini, director of derivatives at Amberdata, stated in a weekly observe.

According to blockchain analytics agency Santiment, the worth surge of ETH is characterised by persistent promoting from retail merchants.

“Prices historically move in the opposite direction of retail traders’ expectations. There was an instance of extreme greed back on June 16, 2025 and July 30, 2025, which led to price corrections. But traders have shown FUD and disbelief as the asset makes higher and higher prices,” Santiment stated on X.

“With key stakeholders accumulating loose coins that small $ETH traders are willing to part with right now, prices are showing very little sentiment resistance from breaking through and making history in the near future,” the agency added.

ETH is now simply 4.4% wanting its all-time excessive of $4,861 hit in November 2021. It’s peer, BTC, topped its 2021 peak in March final yr and has rallied into six figures since then. Throughout this era, ETH remained range-bound between $2,000 and $4,000.

Read extra: Bitcoin Holds Near $120K, Ether Rallies Towards $4.7K on Trump’s Comment, Fed Rate Cut Bets