Ethereum Bulls Target $2,700 Ahead of $2.4 Billion Options Expiry

Ethereum bulls are targeting a price of $2,700 ahead of the $2.4 billion options expiry on May 30. This event could potentially support Ether's attempt to surpass this mark for the first time in over three months. Despite recent gains, Ether has seen a 21% decrease in 2025, while the broader cryptocurrency market has increased by 5%.

Bulls are motivated to keep ETH above $2,600 ahead of the monthly expiry. However, weak network activity on Ethereum suggests that the upside potential may be limited. Analysts attribute Ether’s underperformance to rising competition among blockchains focused on decentralized applications. Nevertheless, ETH holds a key advantage as the only altcoin with a spot exchange-traded fund (ETF) offering in the United States. These ETFs attracted $287 million in net inflows between May 19 and May 27, reflecting increased interest from institutional investors.

Even as demand for Ether-based investment products grows, deposits and onchain activity on the Ethereum network have declined. This trend is concerning as rivals like Solana, BNB Chain, and Tron continue to gain market share. Ethereum no longer ranks among the top ten protocols in terms of fees, creating a supply imbalance that contributes to inflationary pressure on ETH.

Despite the $1.3 billion in call (buy) options dominating the May 30 expiry, this does not necessarily imply that those traders will reinvest the proceeds in new bullish positions. Many option strategies involve multiple maturities and are structured in ways that don’t benefit from ETH rising above specific thresholds. Additionally, traders may hedge their exposure through futures markets.

The $1.1 billion in put (sell) options were clearly caught off guard, as 97% were set at $2,600 or lower. These contracts will expire worthless if ETH holds above that level at 8:00 am UTC on May 30. While this imbalance is unusual, a similar outcome could affect the overly optimistic call options with strike prices at $2,800 and above if ETH remains near current levels.

Bulls are strongly incentivized to push ETH past $2,700, yet the broader context may override those efforts. Given the strong correlation between cryptocurrencies and the S&P 500, macroeconomic indicators and corporate earnings are likely to remain the primary forces shaping investor risk appetite—and ultimately, ETH’s price at the time of the monthly options expiry.