This is a short-dated bracket on where ETH prints Friday at 5pm, so the whole market is spot minus a day of drift. Ether traded around $2,717 on September 23. The buckets sitting near the current price carry the real risk, and the deep 98s and low single digits are already resolved in all but name, worth quoting only for the fee, not the edge. Read the ladder as a distribution and price the fat middle, because that is where a normal session lands. A Sepolia testnet event on September 28 sits just past resolution, so the near-term catalyst is calendar, not fundamentals. One volatile print, not a narrative, decides the marginal bucket.
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