ETHA options strategies for a potential recovery to $20

The article outlines a bullish options setup for ETHA, the iShares Ethereum Trust ETF, arguing it could recover to $20 by August 2028. ETHA is described as deeply beaten down, trading at $14.52, down nearly 37% year to date and more than 50% below its 52-week high. The main suggested strategy is a bull call spread using the $15/$20 strikes, which reduces upfront cost and targets a capped payoff if ETHA reaches $20. Alternative strategies include buying a long LEAPS call for uncapped upside or an out-of-the-money $20 call for cheaper, high-conviction exposure. The article frames this as a contrarian bet on Ethereum recovery, while warning that elevated implied volatility, regulatory uncertainty, and options liquidity could impact returns. Overall, it is a speculative but structured bullish view on ETHA and Ethereum-related risk appetite.