Ethereum bulls target $2.7k before the expiration of $2.4 billion worth of options.

On May 30, the Ether options (ETH) worth 2.4 billion USD will officially expire—a event that could drive ETH past the 2,700 USD mark, a price it has not reached in over three months. However, despite recent bullish trends, Ether is still down 21% in 2025, while the crypto market as a whole has seen a growth of 5%.

Investors are optimistic about Ether and are trying to maintain the price above 2,600 USD ahead of the monthly options expiry. However, weak network activity on Ethereum could limit the growth potential of this cryptocurrency.

! Ethereum bulls aim for $2.7K Ether/USD (màu xanh) against the Green (màu Crypto Capitalization cây) | Source: TradingViewAccording to analysts, the decline in Ether's performance largely comes from the increasingly fierce competition among blockchains focused on decentralized applications (dApp). However, ETH still holds a significant advantage as the only altcoin with an ETF listed in the United States. Between May 19 and May 27, these ETFs attracted a net inflow of up to $287 million, demonstrating growing interest from institutional investors.

However, even as demand for Ether-based investment products increases, the number of deposits and on-chain activity of Ethereum has declined. This is a concerning signal, especially in the context of competitors like Solana, BNB Chain, and Tron continuing to expand their market share. Ethereum is no longer in the top 10 protocols with the highest fee revenues, leading to an imbalance in supply and demand and increasing inflationary pressure on ETH.

The put options ( are not ready for the ETH price above 2,600 USD

Although 1.3 billion USD worth of call options ) dominate the expiration on May 30, this does not mean that traders will reinvest profits into new bullish positions. Many options strategies are designed with varying expirations, providing no benefits when ETH surpasses certain price thresholds. Additionally, traders may use the futures market to hedge risks.

! Ethereum bulls aim for $2.7kSummary of ETH options, open interest, USD | Source: Laevitas.chMeanwhile, the $1.1 billion (put) put options appear to have come as a surprise, with 97% of the contracts set at $2,600 or lower. These contracts will become worthless if ETH holds the price above $2,600 by 4 p.m. (theo May 30 Nam). While this imbalance is unusual, a similar scenario could occur for overly bullish call options, with strike prices of $2,800 or higher, if ETH sustains around the current price.

Four possible price scenarios

Based on the current price trend, below are four potential scenarios, with theoretical profit estimates based on the imbalance of open interest, excluding complex strategies:

Optimistic investors have a strong incentive to push ETH prices above the 2,700 USD level. However, macroeconomic factors may overshadow these efforts. With a close correlation between the crypto market and the S&P 500 index, macroeconomic indicators and corporate earnings reports are likely to play a significant role in shaping investor risk appetite—and ultimately the price of ETH at the time of monthly options expiration.

Mr. Teacher