More than $1.5 million has been placed on an Ethereum March 2020 call option with strikes at both $520 and $600.
The bet means that the trader, or group of traders, believes Ethereum will surge by more than 250% in the next six weeks.
Ethereum famously rallied to an astonishing all-time high of $1,425 in the 2017 bull market. However, since then, it has made consistently lower yearly highs of $831 and $370.
ETH is currently being confronted with the 200 exponential moving average (EMA) on the daily chart, which is expected to act as a bitter point of resistance over the coming days.
For Ethereum to rally by 250% in the coming six weeks, it needs to rapidly cycle through levels of resistance at $214, $247, $284, and $302 before retesting 2019’s yearly high.
A lot will also depend on the the anticipated interest in Bitcoin’s halving event, which will see block rewards for miners slashed to 6.25 BTC per block in May.
Previous Bitcoin halving events have preceded rallies to new all-time highs, with miners being incentivised to drive up the price of BTC in order for the industry to remain profitable.
If Bitcoin does in fact see a price hike leading up to the halving, it’s likely that major cryptocurrencies like Ethereum will follow. In which case, the $600 price target may not be far off the mark.