An options trader has invested over $2 million betting that ETH will break through $3400 by the end of June.

On Thursday, a trader paid a premium of more than $2 million to buy a total of 61,000 Ethereum call options contracts expiring at the end of June, with strikes of $3,200 and $3,400, respectively, according to data from crypto options exchange Deribit.

The $3,200 call is a bet that ETH will rise above $3,200 by the end of the month from the current $2,460, while buying a $3,400 call indicates that the price is expected to break through this level.

In other words, this trader expects the price to rise by more than 30% within three weeks. This bullish trend aligns with some analysts’ renewed optimism about the price outlook for Ether.

BIT Mining Chief Economist Youwei Yang stated that the protocol upgrade, institutional initiatives, and expectations for new financial products have collectively restored investor confidence in ETH.

Ethereum recently implemented the Pectra upgrade to enhance scalability, validator flexibility, and user experience, introducing key features such as EIP-7702, which allows regular wallets to utilize smart contract functionality. Yang pointed out that this clearly indicates that the Ethereum network is seriously considering expanding and improving its core infrastructure. This technological advancement not only attracts developers but also brings users and capital back to the ecosystem.

Source: CoinDesk