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Home CRYPTO

Ethereum Soars: 8% Surge Backed by “Ultra-Strong” Market Momentum

by Drop Gorn
April 9, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Ethereum (ETH) accelerated 8% in spot crypto markets on Monday amid an uptick in social sentiment and optimism among derivatives traders
  • Open interest on Ethereum derivatives markets shows a bullish sentiment for ETH, with around $600 million at the $4,000 strike price for the end-of-month options expiry on April 26
  • Social activity for Ethereum continues to accelerate, joined by strong price action and market volume, according to social intelligence firm Lunar Crush Ether prices accelerated 8% in spot crypto markets on Monday amid an uptick in social sentiment and optimism among derivatives traders.

Rising Prices and Trading Volume

Ether prices have gained around 8% over the past 24 hours, with the asset hitting an intraday high of $3,722 on April 9, outpacing Bitcoin and most of its closest peers, according to CoinGecko. It is the highest price ETH has reached since March 16, just over three weeks ago. The asset is now 9% away from its 2024 high of $4,070 and 24% down from its 2021 all-time high of $4,878.

Comparatively, Bitcoin prices have moved 3% over the past day, reaching $71,395 at the time of writing.

Bullish Social and Market Signals

Ethereum’s momentum may have been spurred by several factors, including “ultra-strong social and market activity,” according to social intelligence firm Lunar Crush. “Social activity continues to accelerate, joined by both strong price action and market volume,” it noted in a post on April 8.

Derivatives Markets Target Higher Prices

Meanwhile, Ethereum derivatives markets are also hinting at bullish sentiment for the asset for the rest of this month. There is currently around $600 million in open interest (OI) at the $4,000 strike price and $378 million at strike prices of $3,700 and $5,000, according to crypto futures exchange Deribit.

This shows an upside bias and bullish sentiment for the end-of-the-month options expiry on April 26, when around 900000 Ethereum contracts expire with a notional value of $3.8 billion.

Conclusion

The confluence of positive social activity, spot price momentum, and bullish derivatives positioning suggests Ethereum could continue its upward trajectory in the near term. However, some remain skeptical that momentum will persist if anticipated Ethereum ETF product approvals fall through. The coming weeks will determine if this rally has true legs.

Tags: BitcoinCoinGeckoethereumethereum etf
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