Despite recent declines in the broader cryptocurrency market, especially Bitcoin and other altcoins experiencing sharp drops in October and November, options traders are optimistic about Ethereum (ETH) and its potential for a significant price rally. Specifically, Ethereum’s options traders are betting on a surge that could see the price reach $6,500, with Deribit data indicating that this level holds the most open interest amongst options contracts. This bullish sentiment is reflected in the high open interest of the $6,500 call option on Deribit, valued at over $380 million. The popularity of this particular call option signifies a strong expectation of Ethereum’s price exceeding $6,500. While Ethereum has experienced a significant decline since its August peak, dropping around 35% to $3,060 from its all-time high in early November, the options market suggests that traders are still anticipating a potential rally. Notably, the next largest call option bets with strike prices of $4,000, $5,000, and $6,000 further illustrate this bullish outlook on Ethereum.