Thanks to a cryptocurrency market that continues to recover, Ethereum traders are seeing opportunities to profit from longer positions. Many analysts believe that there's enough momentum for Ether tokens to reach an exchange price close to $5,000; however, the technical charts do not suggest that this price would have what it takes to turn into a support level.

What we know about ETH is that its last four weeks of trading have resulted in a 60% gain. This bullish rally has a lot of fundamental history behind it, particularly with regard to the London blockchain upgrade and the numerous side chain projects augmenting the Ethereum network, but let's be realistic about this: Most ETH traders are operating on herd instinct and hoping that the rally will keep going until they can reap nice profits.

Not all traders are going long on ETH with traditional market positions. This is a time when you really want to be careful and consider the possibility of writing simultaneous call and put options. Not all cryptocurrency exchanges offer ETH options, so your first step should be to look for suitable platforms.

Since the ETH price is still higher than the original purchase price, a trader can pocket a 60% gain in less than 30 days with this options strategy. However, this strategy also comes with inherent risks because the ETH price is volatile and the long position has an expiration date.

In summary, the ETH price may have risen 60%, but it is still a very speculative market, so do not make huge investment decisions based on the ETH price. You need to analyze the charts and determine what the true trend is by following the Ethereum price action. You need to keep in mind that the best time to enter or exit the market is when you feel that there is an opportunity to take a short or a long position. Seasoned traders call this options strategy Iron Condor, and it is often used when trading futures contracts and other derivatives. Taking out margin to cover these options is a risky proposition; you will want to be careful with this.