Ethereum rallied 8.3% in the past 24 hours, breaking above the $3,000 mark for the first time in months.
The surge reflects 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.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/ethereum-surges-above-3000-as-whales-and-options-expiry-fuel-breakout/