The surge of Ethereum above $3,000 is not just a mere coincidence, but a powerful confluence of derivatives-driven pressure, aggressive whale accumulation, and a broader market rally following Bitcoin‘s new all-time high. 📈🐳
Options expiry triggers short squeeze above $2,600
Ethereum’s price jump was primarily fueled by Friday’s $609 million options expiry, according to data from Greeks.Live. With the “max pain” point set at $2,600, ETH‘s sharp move to $3,010 inflicted losses on put sellers, forcing widespread short-covering. A put/call ratio of 1.11 further amplified the squeeze, with more downside bets than upside exposure leading to forced buying as prices rallied. 📉💸
Whale inflows and retail access expand bullish momentum
On-chain data revealed that whales bought over $358 million worth of ETH in the last 24 hours. A single wallet (0x35fb) acquired $151 million, including $114 million on behalf of hedge fund Abraxas Capital. Another key catalyst came from Robinhood, which officially launched Ethereum staking for U.S. users, marking a significant step in expanding ETH’s accessibility to retail investors. 🐳💸💰
These developments coincided with a broader recovery in the crypto market. Total market capitalization rose 5.8%, and Ethereum’s BTC trading pair gained 0.6%, signaling a potential shift in altcoin dominance as Bitcoin cools off. 📈💸
Technical signals confirm breakout strength
Ethereum’s bullish structure is backed 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. RSI (14) reached 71.6, suggesting elevated momentum but not yet extreme overheating. The MACD histogram expanded to +44.71—its strongest bullish divergence since May 2025—confirming solid upward momentum. 📈📊
Outlook: Can ETH maintain momentum above $3,000?
With Ethereum reclaiming the $3,000 level, market focus shifts toward its 2024 high near $4,000. The improving ETH/BTC ratio suggests growing altcoin strength, especially if Bitcoin dominance—currently at 63.9%—continues to decline. The coming days may determine whether Ethereum leads the next leg of the altcoin rally or faces renewed resistance. 📈🔮
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2025-07-11 12:36