Options traders in the Ethereum (ETH) market are signaling their bullish sentiments, eyeing call options above the $3,600 mark for the upcoming June expiry, as per insights gleaned from Deribit data.

An analysis of the term structure of open interest in ether options unveils a notable concentration of call contracts set to expire at the end of June, totaling over 617,000 contracts with a staggering notional value surpassing $1.8 billion.

This robust accumulation of call contracts, coupled with their substantial notional value, underscores the growing confidence among traders in Ethereum's potential to appreciate by the June expiry date. Additionally, the concentration of these call options could serve as a supportive factor for ether's price dynamics, particularly if derivatives traders opt to exercise their options as the price surpasses specific strike prices outlined in the distribution.

According to insights provided by CoinShares Research Associate Luke Nolan, strike prices for the end-of-June expiry calls are predominantly concentrated above $3,600, with $6,500 emerging as the most favored strike price among traders.

Nolan emphasized the considerable notional value of $192 million associated with the largest open interest positioned at the $6,500 strike price ahead of the June expiry, indicative of the confidence harbored by a segment of traders in Ethereum's potential to achieve or exceed this price level.

Furthermore, data reveals an uptick in the number of outstanding calls compared to puts in ether options open interest leading up to the end-of-June expiry date. A put-call options ratio below one, as observed in today's ether put-call ratio on Deribit at 0.41, indicates a scenario where call volume surpasses put volume, reflecting bullish sentiment prevailing in the market.

Meanwhile, despite a marginal decline of over 2% in the past 24 hours, with ether trading at $2,912 as of 5:25 a.m. ET according to The Block’s Price Page, the overarching sentiment remains optimistic among options traders positioning for potential upside moves in Ethereum's price trajectory.

In tandem with ether's performance, the GM 30 Index, representing a basket of the top 30 cryptocurrencies, experienced a 1.61% downturn to reach 128.16 during the same period, reflecting broader market dynamics influencing digital asset valuations.