According to @rovercrc, traders are debating ETH price targets for this cycle, making it essential to anchor positioning to verifiable market drivers and reference levels, source: @rovercrc. ETH’s prior all-time high near 4,867 USD on Nov 10, 2021 is a widely watched breakout and invalidation level for trend strategies, source: CoinMarketCap. U.S. spot ETH ETFs were approved and began trading in July 2024, so monitoring daily creations/redemptions and cumulative net inflows has become a primary driver of marginal demand, source: U.S. SEC. Ethereum’s EIP-1559 fee burn and proof-of-stake issuance can reduce net supply during periods of high on-chain activity, which feeds into valuation and scarcity narratives used by traders, source: Ethereum.org. Institutional risk appetite and volatility regimes can be tracked via CME ETH futures and options open interest, basis, and term structure for confirmation or divergence signals, source: CME Group. Options market positioning on Deribit—such as 25-delta skew and large expiry open interest—can create pinning or gamma-driven moves around key dates, offering tactically actionable signals, source: Deribit.