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Ethereum’s Ether cryptocurrency (ETH) could be set to surge in price, as traders are betting big on the asset reaching $6,000 this year through bull call spreads. ETH has crashed from the $4k valuation it had back in December 2024, but began a strong rebound this May. At press time, the Ethereum token is up 57% in the last 30 days alone. Traders are riding on the asset to continue its climb through the summer and hit a new ATH before the year is done. Last week, block traders, typically institutions and large players, executed bull call spreads on ether. The traders picked the $3,500 call options while also shorting an equal number of calls at the $6,000 strike. These bets would expire on December 26, meaning Ethereum has until then to hit that number to reward the betters. Traders executed the strategy via the over-the-counter platform Paradigm, which was later listed on crypto exchange Deribit. Traders executed 30,000 contracts of the $3,500/$6,000 call spreads across 10 separat...

Ether’s (ETH) market cap has shed approximately one-third of its value in bitcoin (BTC) terms in just 12 months. Even worse, it’s been an embarrassing seven years since ETH last rallied to a new high against the world’s leading crypto. During the early months of Ethereum’s initial coin offering (ICO) in 2017, ETH rallied to an all-time high of approximately 0.15 per bitcoin. It hasn’t surpassed that level since. Even in 2021, amid several positive catalysts for ETH investors, it only hit 0.088 per BTC. That was a commendable comeback from its September 2019 low of 0.016 but still 42% below its 2017 high . Investors have bid progressively less and less BTC for ETH since 2021. Understanding Ethereum’s failure to re-make a new high in BTC terms in 2021 is instructive for understanding its current, 32-month-and-counting decline. Ethereum’s failure to make a new high against bitcoin in 2021 Back in 2021, investors were excitedly listening to announcements abou...