*ETH Options — Latest Update 04-22 Expiry*
ETH is trading at $2326.78 with the April 22 expiry coming up in ∼21 hours. The options chain is showing a few clear signals:
- *Volatility is elevated*: Implied volatility across strikes is 58-63% for most contracts, and spikes to 277%+ on the 2300 Call ask and 362% on the 2375 Put ask. That’s not normal market pricing — it points to low liquidity and traders positioning for a big move around expiry.
- *Skew favors downside protection*: Puts at 2275 and 2300 have tighter bid-ask spreads and more balanced IV than calls. The 2300 Call ask IV at 277% suggests someone is pricing in a breakout, but the bid is only 58%. Market makers don’t want to sell calls cheap here.
- *ATM activity*: The 2325-2350 strikes are closest to spot. The 2325 Put is priced at 27.2/27.6 with 60% IV, while the 2350 Call is 17.4/17.6 with 59% IV. Calls are cheaper relative to puts, meaning there’s more demand for downside hedging than upside calls right now.
*Bottom line*: The market is bracing for volatility into expiry but isn’t confidently bullish. The wide spreads and IV skew show uncertainty and thin liquidity. If you’re trading this, expect sharp swings and slippage. Don’t treat the quoted prices as fair value — they’re wide because no one wants to get caught on the wrong side of an expiry move.
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