Ethereum has surpassed the $3,000 price level, driven by options expiry and increased whale activity.
Options Expiry and Short Positions
The price increase of Ethereum was significantly driven by Friday's $609 million options expiry. According to Greeks.Live, with the 'max pain' point set at $2,600, the sharp surge to $3,010 inflicted losses on put sellers, leading to widespread short-covering. A put/call ratio of 1.11 further amplified the squeeze, with more downside bets than upside exposure.
Whale Activity and Retail Accessibility
On-chain data revealed that whales purchased over $358 million in ETH over the past 24 hours. A single wallet (0x35fb) acquired $151 million, including $114 million on behalf of hedge fund Abraxas Capital. Another significant milestone was Robinhood's official launch of Ethereum staking for U.S. users, which increases ETH's accessibility to retail investors.
Technical Signals and Outlook
Ethereum's bullish structure is supported by strong technical indicators. The price cleared its 200-day simple moving average at $2,454 and broke above the key Fibonacci 78.6% retracement level at $2,304. The RSI (14) reached 71.6, indicating elevated momentum but not extreme overheating. The MACD histogram expanded to +44.71—the strongest bullish divergence since May 2025, confirming solid upward momentum.
Ethereum's ascent above $3,000 sparks renewed interest in its future prospects. Market focus shifts toward the $4,000 level, determining whether Ethereum will lead the next leg of the altcoin rally or face renewed resistance.
