Ethereum LTH accumulation and key options data reveal new price target for ETH

Ethereum long-term holders now own 78% of ETH's total supply. Spot Ethereum ETF issuers have begun marketing their products with a potential tech play move in the cards. Ethereum options data shows reduced volatility as ETH looks set to reach a new yearly high. Ethereum is down 2% on Friday following increased holdings among long-term holders and ETH ETF issuers launching marketing campaigns for their products.

ETH Deribit Options Open Interest Additionally, Deribit's exchange PCR has fallen to 0.27 from around 0.36 earlier in the month, according to data from Coinglass. This suggests most traders are bullish, especially with the potential launch of spot ETH ETFs. The $4,000 price level is key to watch out for as it's the strike price of over $420 million worth of calls on Deribit.

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