Ethereum (ETH/USD) Eyes $2,650 Amid $2.78B Options Expiry and Bullish Momentum

Ethereum (ETH/USD) is maintaining its bullish momentum after a 15.1% surge between September 18 and 23. The cryptocurrency is consolidating near $2,629, attempting to hold above the critical $2,600 resistance level.

Traders are focused on the potential impact of the upcoming $2.78 billion monthly Ether options expiry on September 27, which may solidify the ongoing uptrend.

• $1.9B in $ETH options are set to expire tomorrow, with a Put/Call Ratio of 0.45 and a Max Pain Point of $2,500 – [EI] pic.twitter.com/uAVwTU6GDk

— Entropia Intel (@EntropiaIntel) September 26, 2024

Ethereum is forming a symmetrical triangle pattern, hinting at a possible breakout. Key levels at $2,703.70 and $2,747.78 are immediately above the immediate resistance at $2,659.25.

If Ethereum can surpass $2,659, it may target higher levels, supported by bullish market sentiment. Conversely, failure to hold $2,600 could lead to a decline toward immediate support at $2,606.03, with further support levels at $2,565.26 and $2,516.97.

The 50-day Exponential Moving Average (EMA), currently around $2,603.81, signals strong technical support, enhancing the bullish outlook as long as prices stay above this key level.

The Relative Strength Index (RSI) is at 55.28, indicating neutral momentum with room for further gains if the index pushes toward overbought levels.

Ethereum’s upcoming options expiry poses a crucial challenge for bulls. While a majority of call options target prices above $2,700, failure to break that threshold could give bears an opening to reverse momentum.

Key Insights:

• Immediate Resistance: $2,659.25; further resistance at $2,703.70 and $2,747.78.
• Immediate Support: $2,606.03; failure may lead to declines toward $2,565.26 and $2,516.97.
• 50 EMA Support: Positioned at $2,603.81, ensuring solid backing for the current uptrend.

Ethereum’s technical indicators suggest a potential continuation of bullish momentum, but the upcoming options expiry could introduce volatility in the near term.