Option data was less optimistic about an ETH breakout before the U.S. elections.
Ethereum's [ETH] price has remained resilient amid raging FUD in the past few months. The largest altcoin netted 12% in its latest recovery, rising from the $2.3K support to a high of $2.6K.
According to Peter Brandt, ETH could explode even further amid an inverse head-shoulder pattern -- a bullish reversal formation.
In most cases, a breakout above the neckline resistance ($2.7k) in the head-and-shoulders pattern can hit a target equivalent to the height between the head and neckline.
For ETH, that would mean about $3.3K. The target coincided with the bearish Order Block (OB) and resistance level marked white.
However, ETH's demand was still significantly weak, which could delay Brandt's projection. Since late September, the Coinbase Premium Index, which gauges U.S. investors' appetite for ETH, has been in the negative territory.
Historically, high U.S. demand tends to coincide with a strong uptrend for ETH. Whether the latest Vitalik Buterin roadmap for ETH will change market sentiment remains to be seen.
That said, the options market was less optimistic about ETH crossing $3K before the U.S. elections in November.
According to Deribit data, there was only an 8.6% chance of ETH hitting $3K by the end of October, compared to a 31% chance by November.
In short, options data suggested a higher chance of ETH breakout after the U.S. elections.