Ether (ETH) price has seen quite a bit of volatility lately and to the surprise of many traders, the $4,000 level continues to present considerable resistance. Currently, the price is respecting the upward channel, which started in August. But every time the support is tested, the risk of an aggressive correction increases. With that in mind, the $340 million options expiry on Oct. 1 will likely be dominated by neutral-to-bearish put options.
Bulls placed larger bets for the expiry but it appears that they were too optimistic for Oct. 1, so their $215 million call (buy) options are getting closer with the looming approach of the expiry date.