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Ether tests $1,200 but bears better positioned for $1.13B options expiry on Nov. 25

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Bears are better positioned to profit roughly $215 million during November's Ether options expiry, putting pressure on ETH's price near a critical resistance level.

No matter if one analyzes Ether's (ETH) longer-term or weekly time frame, there is little hope for bulls. Besides the negative 69% year-to-date performance, a descending channel has been pressuring the ETH price while offering resistance at $1,200.

a6ad58d5-d619-4f8d-bcfb-758f5c78959d.pngEther/USD 4-hour price index. Source: TradingView

Regulatory uncertainty continues to weigh down the sector. For example, Starling, a digital bank based in the United Kingdom, announced on Nov. 22 that it would no longer allow customers to send or receive money from digital asset exchanges or merchants. The bank described cryptocurrencies as "high risk and heavily used for criminal purposes."

Other concerning news for the Ethereum ecosystem involved the decentralized finance (DeFi) platform AAVE, which suffered a short-seller attack on Nov. 22 aimed to profit from under-collateralized loans.

Curiously, a similar exploit happened on the Mango Markets DeFi application in October. Albeit not a direct attack on the Ethereum network, the attacker has shown critical flaws in some major decentralized collateral lending applications.

Furthermore, the Singapore-based cryptocurrency lender Hodlnaut is reportedly facing a police probe over allegations of cheating and fraud. The issues started on Aug. 8 after the lending firm cited a liquidity crisis and suspended withdrawals on the platform.

Lastly, on Nov. 22, United States senator Elizabeth Warren correlated the demise of the FTX exchange to subprime mortgages of 2008 and penny stocks used for pump-and-dump schemes. Warren said the FTX collapse should be a "wake-up call" to regulators to enforce laws on the crypto industry.

That is why the $1.13 billion Ether monthly options expiry on Nov. 25 will put a lot of price pressure on the bulls, even though ETH posted 11% gains between Nov. 22-24.

Most of the bullish bets were placed above $1,400

Ether's rally toward the $1,650 resistance on Nov. 5 gave the bulls the signal to expect a continuation of the uptrend. This becomes evident because only 17% of the call (buy) options for Nov. 25 have been placed below $1,400. Consequently, Ether bears are better positioned for the monthly expiry of the upcoming $1.13 billion options.

568cb73f-3846-4825-92ad-21070a6b980b.pngEther options aggregate open interest for Nov. 25. Source: CoinGlass

A broader view using the 1.44 call-to-put ratio shows a skewed situation with bullish bets (calls) open interest at $665 million versus the $460 million put (sell) options. Nevertheless, with Ether currently hovering around $1,200, bears have a dominant position.

For instance, if the Ether price remains below $1,250 at 8:00 am UTC on Nov. 25, only $40 million worth of these call (buy) options will be available. This difference happens because there is no use in the right to buy Ether at $1,250 or $1,500 if it trades below that level on expiry.

Bears could pocket a $215 million profit

Below are the four most likely scenarios based on the current price action. The number of options contracts available on Nov. 25 for call (bull) and put (bear) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:

  • Between $1,050 and $1,150: 800 calls vs. 20,200 puts. The net result favors bears by $215 million.
  • Between $1,150 and $1,250: 3,300 calls vs. 15,100 puts. The net result favors bearish bets by $140 million.
  • Between $1,250 and $1,300: 4,700 calls vs. 13,200 puts. The net result favors bears by $100 million.
  • Between $1,300 and $1,400: 8,700 calls vs. 8,900 puts. The net result is balanced between bulls and bears.

This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.

A 7-year-old dormant Bitcoin wallet could complicate matters for Ether bulls

Ether bulls need to push the price above $1,300 on Nov. 25 to balance the scales and avoid a potential $215 million loss. However, Ether bulls seem out of luck since a Bitcoin wallet related to the 2014 Mt. Gox hack moved 10,000 BTC on Nov. 23.

Ki Young Ju, the cofounder of blockchain analytics firm Cryptoquant, has verified the findings, noting 0.6% of the funds were sent to exchanges and may represent sell-side liquidity.

If bears dominate the November ETH monthly options expiry, that will likely add firepower for further downside bets. Thus, at the moment, there is no indication that bulls can turn the tables and avoid the pressure from the two-week-long descending triangle.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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