Ethereum bulls are eyeing the $2,700 mark as a crucial milestone, with $2.4 billion in Ether (ETH) options set to expire on May 30. This massive expiry event could be a pivotal moment for the cryptocurrency, as it attempts to break above the $2,700 threshold for the first time in over three months. Despite recent gains, Ether has faced a tumultuous 2025, experiencing a 21% decline, even as the broader cryptocurrency market has climbed by 5%.
The Battle for $2,700
As the clock ticks down to the options expiry, Ether traders are eager to maintain ETH above $2,600. This level is significant, as a staggering 97% of put options—bets that ETH would fall below this price—stand to expire worthless. This imbalance creates a unique pressure cooker situation. Bulls are incentivized to keep the price buoyant, but various factors may cap these efforts. As explored in our recent coverage of Ethereum bulls showing interest as traders’ confidence in ETH’s $1.8K level improves, the market sentiment has been shifting positively, which could influence the current dynamics.
Here’s the catch: Ethereum’s network activity has shown signs of weakening, potentially curbing upside momentum. According to analysts, Ethereum’s underperformance can be attributed to growing competition from other blockchains like Solana, BNB Chain, and Tron. These rivals are gaining traction in the decentralized application space, eroding Ethereum’s market share.
Institutional Interest vs. Onchain Activity
Despite the network’s sluggishness, Ethereum still holds a trump card: it’s the only altcoin with a spot exchange-traded fund (ETF) in the United States. Between May 19 and May 27, these ETFs attracted $287 million in net inflows, signaling robust interest from institutional investors. However, while investment demand climbs, onchain activities and deposits are dwindling—a troubling trend as competitors continue to gain ground.
Moreover, Ethereum has slipped out of the top ten protocols by fee generation, creating a supply imbalance that exerts inflationary pressure on ETH. This backdrop raises questions about whether the bullish momentum can sustain itself in the face of these headwinds. For a deeper understanding of Ethereum’s strategic direction, see our coverage of Vitalik Buterin’s vision for Ethereum: Pectra, Glamsterdam and beyond.
Options Expiry Scenarios
The upcoming expiry paints a vivid picture of the market’s current sentiment. With $1.3 billion in call (buy) options overshadowing $1.1 billion in put (sell) options, the market seems bullish on paper. But hold your horses—these numbers don’t guarantee reinvestment into new bullish positions. Many option strategies are layered across different maturities and may not necessarily benefit from ETH surpassing specific thresholds like $2,700.
If we break down potential outcomes, several scenarios emerge:
- Between $2,300 and $2,500: Calls lead by $200 million.
- Between $2,500 and $2,600: Calls dominate by $370 million.
- Between $2,600 and $2,700: Calls pull ahead by $555 million.
- Between $2,700 and $2,900: Calls triumph by $770 million.
These scenarios highlight the bulls’ strong incentive to push ETH past $2,700. Yet, broader market dynamics may play spoilsport. The strong correlation between cryptocurrencies and the S&P 500 means macroeconomic indicators and corporate earnings will likely drive investor sentiment—and consequently, ETH’s price—come May 30.
Looking Ahead
As the expiration date looms, Ethereum finds itself at a crossroads. The interplay between bullish option positions and the broader market environment will dictate whether ETH can conquer the $2,700 mark. With institutional interest rising yet network activity waning, the path forward is fraught with uncertainty. Will the bullish forces prevail, or will market realities temper their aspirations? This expiry might just hold the answer.
Source
This article is based on: Ethereum bulls aim for $2.7K ahead of ETH’s $2.4B options expiry
Further Reading
Deepen your understanding with these related articles:
- Solana futures open interest nears all-time high — Will SOL price follow?
- Crypto token failures soar, with 1 in 4 launched since 2021 dying in Q1: CoinGecko
- Restaking can make DeFi more secure for institutional traders
Ethereum is set up for a big test as $2.4 billion worth of options are set to expire on May 30th, 2025. With bulls targeting the $2,700 resistance level, this expiry could decide if Ethereum reclaims momentum aimed at mixed market signals. With all the pressure ETH has been through, down 21% year to date, market sentiment has recently shifted, with major institutional interest rising and momentum spilling over from bitcoin’s most recent rally.
Bulls Defend $2,600 as Key Options Level
The $2,600 price zone has become a major defensive line for Ethereum bulls. According to Kanalcoin, if ETH can hold above $2,600, around 97% of put options will expire worthless, creating a strong incentive for bulls to maintain the current levels. If ETH can rise higher toward $2,700, bulls will gain even more, especially since the call options will start to dominate significantly at higher striking prices.
FXLeaders says that this surge causing bullish positioning has ETF-related capital flows. As further explored in Ethereum bulls showing interest as traders’ confidence in ETH’s $1.8K level improves, improving sentiment among ETH holders is adding to the momentum.
Weak On-Chain Activity vs. Strong Institutional Demand
Despite the bullish setup in derivatives, ETH’s on-chain activity has been going downhill. ETH has dropped out of the top ten protocols by fee creation, and networks like Solana, Tron, and BNB China continue to chip away at Ethereum’s market share.
However, as Kanalcoin reports, there are net inflows, reinforcing long-term confidence in ETH despite some short-term network concerns. For a deeper understanding of Ethereum’s strategic direction, see our coverage of Vitalik Buterin’s vision for Ethereum: Pectra, Glamsterdam and beyond.
Options Expiry Breakdown:Bulls Have The Edge
Here’s how the $2.4 billion options expiry stacks up:
| Price Range | Net Call Advantage |
| $2,300-$2,500 | $200M |
| $2,500-$2,600 | $370M |
| $2,600-$2,700 | $555M |
| $2,700-$2,900 | $770M |
While bulls are visibly in control on paper, as FXLeaders warns, these numbers don’t guarantee upward price movement. Many of these positions might be hedged or part of a layered strategy, such as stock market trends and interest rate speculation, which could play a major role in price direction post the expiry.
Looking Ahead: Can ETH Break Through?
With ETH currently trading near the critical $2,600 mark, the coming days will test to see if bullish momentum can bring the price past $2,700 or if macro forces will trigger a correction. The mix of institutional flows, technical resistance, and uncertainty on chain usage makes this a key moment for ETH.
As Bitcoin eyes a potential bullish run, according to FXLeaders, Ethereum’s breakout could follow if it could overcome some friction points. For now, all eyes are on the options expiry, where billions hang in the balance, and this could be where a major signal for the next phase of ETH’s price action could erupt.
My Take on ETH’s Outlook
As someone who is following the crypto space closely, I find Ethereum’s current situation both exciting and uncertain. The upcoming 2.4 billion options expiry raises the stakes, and the mix of strong institutional interest alongside weakening network activity makes it very interesting to watch. Personally, I think ETH has the potential to push way past $2,700 if bullish momentum and Bitcoin’s rally hold up, but investors should be ready for some volatility given the broader market risk. Overall, I believe it is a great time to stay informed and keep an eye out for how ETH’s price moves and the reaction it gets off the key levels.
Source
This article is based on: Ethereum Bulls Target $2.7K Amid $2.4B Options Expiry
Daily Crypto Signals: Bitcoin Eyes $220K Peak, Ethereum Bulls Target $2.7K Amid Major Market Moves
Further Reading
Deepen your understanding with these related articles:
- Solana futures open interest nears all-time high — Will SOL price follow?
- Crypto token failures soar, with 1 in 4 launched since 2021 dying in Q1: CoinGecko
- Restaking can make DeFi more secure for institutional traders
Nicholas Newman is a 19-year-old based in Westchester, NY. He began his college journey at Iona University in New Rochelle and is now a student at Fordham University’s Gabelli School of Business in the Bronx NY, majoring in Accounting and Finance. Nicholas has been actively involved in the crypto space since 2020, both on the investment side and in development, and continues to explore opportunities at the intersection of finance, technology, and digital assets.
