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
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
