Ethereum options lack euphoria: What's the biggest risk to $5K ETH price?

Key Points

1. Ether reached $4,349, its highest price since December 2021, outperforming the broader crypto market by over 30% in the past 30 days.

2. Despite ETH's rally, derivatives data shows traders lack strong bullish sentiment, with the 6-month futures annualized premium remaining below typical bullish levels.

3. ETH options delta skew is at -3%, indicating neutral sentiment, a significant improvement from a brief bearish turn on August 2.

4. Institutional demand for ETH is growing, with companies like BitMine Immersion and Sharplink Gaming adding significant ETH holdings to their reserves.

5. Economic recession risks, including potential US import tariffs, are seen as the biggest threat to ETH reaching $5,000, though geopolitical tensions have eased slightly.