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<p>The recent data from QCP Capital has gained massive attention from crypto traders, especially Ethereum traders, as it suggests that Ether is poised for a significant upside rally before December 2024. According to the data, Ethereum options traders have bought over 20,000 contracts targeting the $3,000 level, set to expire on December 27, 2024.</p>  
<h2 class="wp-block-heading" id="h-ethereum-option-traders-hope-for-3-000"><strong>Ethereum Option Traders Hope for $3,000</strong></h2>  
<p>It appears that Ether option traders are speculating that the ETH price will rally to the $3,000 psychological level by December 27, 2024. This latest data sparked hope among traders and investors that there is a high possibility that ETH could hit the $3,000 level.&nbsp;</p>  
<p>Ethereum has been in a downtrend since July 23, 2024, following the approval of spot Ethereum Exchange Traded Funds (ETFs) in the United States. Since then, it has experienced a <a href="https://coinpedia.org/news/will-ethereum-rally-metalpha-dumps-another-51m-in-eth/" rel="noopener noreferrer nofollow">price decline</a> of over 30%, dropping from $3,500 to $2,400. Additionally, it has been in a range-bound between the $2,840 and $2,200 levels since August 2024.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-ethereum-technical-analysis-and-key-levels-nbsp"><strong>Ethereum Technical Analysis and Key Levels&nbsp;</strong></h2>  
<p>Despite the market downtrend, expert technical analysis hints that the current state of ETH is quite bullish. Recently it experienced a breakout of a descending trendline, successfully retested the breakout level, and is now poised for a massive rally. In addition to the trendline breakout, ETH has also breached its $2,400 resistance level.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/15010003/ETHUSDT_2024-09-15_00-59-45.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/15010003/ETHUSDT_2024-09-15_00-59-45-1024x448.png" alt="" class="wp-image-350958"></a>
 <figcaption class="wp-element-caption">
  Source; Trading View
 </figcaption>
</figure>  
<p>Based on the historical price momentum, if ETH closes a daily candle above the $2,470 level there is a strong possibility it could soar by 20% to the $2,900 level.&nbsp;</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum"><strong>Current Price Momentum</strong></h3>  
<p>As of writing, <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ether</a> is trading near the $2,407 level and has experienced a price decline of over 1% in the last 24 hours. During the same period, its trading volume dropped by 25%, indicating lower participation and potential fear among traders and investors.&nbsp;</p>

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