Ethereum is nearing its previous all-time high of $ 1,440, which was reset at the height of the crypto bubble in 2018. Those who hedge the altcoin in the bear market are finally getting the comeback they have been waiting for.
However, according to the strike price of a December ETH options contract that was just debuting, the cryptocurrency could hit up to $ 10,000 per token before the end of the year.
Ethereum is approaching its previous all-time high, even if Bitcoin maximalism prevails
Ethereum is a polarizing cryptocurrency, although it deserves its place right behind Bitcoin. As much as the crypto community relies on the intelligent contract-oriented platform as the basis for DeFi and thousands of other tokens, it is also regularly discarded by Bitcoin maximalists.
There are dozen of “Ethereum killers” proving that the rest of the industry is keen on the altcoin throne. It is one of the altcoins that a top crypto manager dubbed the “double-digit shitcoin”. This executive’s opinions may not be very valuable, but that’s a whole different story.
Related reading | Ethereum “anti-network effect” shows “DeFi has outgrown the altcoin”
Regardless of what the industry thinks, Ethereum acts as the building block for some of the most important projects in the crypto world. Most of the DeFi tokens popular today are based on Ethereum.
And although Ethereum has been more bullish than Bitcoin lately, it still suffers from industry participants calling attention to how much ETH fees have gone up.
But even with rising ETH gas fees, which make the network look clunky and expensive, the price of the cryptocurrency continues to rise. After double-digit prices in 2020, the value is now back at $ 1,200. Two more digits were added in less than a year.
Could Ethereum really hit $ 10,000 by the end of this year? | Source: ETHUSD on TradingView.com
Will the altcoin get another digit by December 2021? Options Strike Price says maybe
According to a newly issued Ethereum option contract, another number before the end of the year is out of the question. Deribit recently announced the exercise price for its options contract Ethereum December 2021.
In addition to futures and CFDs, options are a type of derivative in crypto trading. When the platform revealed Bitcoin options contracts with an exercise price of over $ 20,000 in early 2020, the price eventually spiked there. Will Ethereum do the same?
Related reading | This eerie Ethereum fractal suggests the top is in … for now
It doesn’t sound possible to go from $ 1,000 to $ 10,000 in a single year, but Bitcoin did just that in 2017, hitting just under $ 20,000.
According to the table above, Ethereum would need a 1000 +% increase to get there. If you’re not sure if this is doable, look no further than 2020, when the altcoin rose 1000 +% from its Black Thursday low to its December close. How will this coming December close next?
Featured image from deposit photos, charts from TradingView.com