🔥🔥🔥 #Ethereum boosts 8% amid ‘ultra-strong’ social and market activity
Derivatives traders are setting their sights on higher strike prices for Ethereum as April draws to a close. Ether ($ETH ) experienced an 8% surge in spot crypto markets on Monday, buoyed by increasing social sentiment and optimism among derivative traders.
Over the past 24 hours, Ether prices surged by approximately 8%, reaching an intraday high of $3,722 on April 9, outperforming #Bitcoin and most of its closest peers, as reported by CoinGecko.
This marks the highest price ETH has reached since March 16, just over three weeks ago. Currently, the asset is 9% below its 2024 high of $4,070 and 24% lower than its 2021 all-time high of $4,878.
In comparison, Bitcoin prices saw a 3% increase over the same period, reaching $71,395 at the time of writing.
The momentum behind Ethereum's surge may be attributed to various factors, including robust social and market activity, according to insights from social intelligence firm Lunar Crush. In a recent post on X dated April 8, Lunar Crush highlighted the acceleration of social activity, coupled with strong price action and market volume.
Additionally, Ethereum derivatives markets are signaling #bullish sentiment for the asset as April progresses. Data from crypto futures exchange Deribit indicates approximately $600 million in open interest (OI) at the $4,000 strike price, along with $378 million at strike prices of $3,700 and $5,000. This suggests an upward bias and bullish sentiment leading up to the end-of-the-month options expiry on April 26, where around 900,000 Ethereum contracts are set to expire with a notional value of $3.8 billion.
However, not all market participants share this bullish outlook. Vijay Boyapati, a crypto author and educator, expressed skepticism in a recent post on X dated April 8, suggesting that momentum driven by the anticipation of Ethereum spot ETF approvals could be short-lived if such approvals are ultimately rejected.
Source - cointelegraph.com
