Ethereum Options Skew Bearish Ahead of Expiry Amid Price Pressure

Ethereum options on Deribit show a bearish skew ahead of Friday's expiries, indicating a more defensive stance from market participants despite spot prices near key strike levels. The open-interest put/call ratio for Ethereum stood at 1.29, suggesting that bearish bets and downside hedges dominated the outstanding book into expiry.

Deribit's estimated 'max pain' levels - where option buyers collectively lose the most at expiry - were pegged at $1,875 for Ethereum, $77 for Solana, and $1.12 for XRP. These levels sit close to spot prices, increasing the likelihood of strike-related hedging activity as expiration approached.

The largest open interest in Ethereum's expiry stack was concentrated in the $1,875 call, while sizable positions also existed at the $1,600 put and the $2,000 call. This distribution suggests a market simultaneously bracing for renewed downside pressure while keeping exposure to an upside rebound, with $1,875 acting as a focal point for short-term positioning.

As spot prices were under pressure at the same time, Ethereum traded at $1,870, down 2.91% on the day, while Solana fell 2.64% to $75.55 and XRP dropped 2.47% to $1.11. With ETH and XRP hovering near their respective max pain levels, market participants will be watching whether expiration-related hedging amplifies volatility or pulls prices toward the most crowded strikes into the close.