Ethereum (ETH) has recently shown strong performance, with its price surging nearly 12% in a single day, reaching $3,684.92, setting a new high in over five months and driving up the prices of ecosystem tokens like ENS and EIGEN, with ENS surging 53%, becoming the best performer among the top 300 tokens by market cap.
Since Bitcoin aimed for $100,000, the performance of established public chains has been quite good, with ADA and XRP increasing over 27.1% and 31.8% respectively in the past week, while the well-known public chain 'Ethereum', which has been slow to gain momentum, is now increasingly anticipated by the market, with attention on whether funds will rotate into Ethereum.
Finally, as Bitcoin started to correct this week, Ethereum's strength gradually became evident: its decline was smaller than Bitcoin's when falling, and it also outperformed Bitcoin when rising. The ETH/BTC ratio surged nearly 7% in a single day on the 25th, rebounding 18.38% from a low of 0.03187 in the past week, currently reported at 0.03775, showing signs of capital rotation.
ETH/BTC ratio price chart
Ethereum increased over 13%, surpassing other top ten tokens.
Ethereum's price surged last night (27th), peaking at $3,684.92, setting a new high in over five months with a daily increase of 13.28%. Before the deadline, it slightly retraced to $3,637.07, and although the increase in the past 24 hours narrowed to 8.83%, it remains the best-performing token among the top 10.
ETH price chart
Ethereum OI breaks $24 billion, setting a new record
At the same time, the open interest in Ethereum perpetual contracts reached a new high of $24.08 billion, growing 33.1% over the past week, indicating that funds are flowing into Ethereum. Whether driven by retail investor participation or institutional strategy demands (such as hedging or neutral positions), this growth has been facilitated.
The surge in open interest indicates that market volatility may increase, and investors should be cautious in managing risks.
From the funding rate perspective, it is currently close to the neutral range of 2.1% per month, showing no signs of market overheating. Although it briefly surged above 4% on the 25th, it did not sustain. This indicates that even though Ethereum's price increased by 17.9% over the past week, the demand from retail investors for leveraged long positions remains relatively moderate.
Analyst: Ethereum's second bull market has begun
Regarding Ethereum's recovery, CryptoQuant analyst Crypto Sunmoon stated early this morning that Ethereum's second bull market has begun.
He pointed out in the price chart comparing the MVRV ratio to Ethereum's price that during past crypto bull markets, Ethereum often experienced two significant price increases, with the second increase always significantly surpassing the price created by the first increase. This suggests that Ethereum's upward momentum may continue.
ENS, EIGEN... Ethereum ecosystem tokens surge
This has allowed the Ethereum ecosystem to regain market attention, with several popular tokens performing well, including:
ENS (Ethereum Name Service): Price surged over 53% in a single day, becoming the best performer among the top 300 tokens by market cap, currently reported at $33.25.
Puffer (Ethereum liquidity re-staking project): Price skyrocketed 60% in a single day, currently reported at $0.6546.
EIGEN (the native token of Ethereum re-staking project EigenLayer): Price increased 25% in a single day, breaking $4.1 and currently reported at $3.77, just under 10% away from its all-time high.
INST, ENA, etc.
With Ethereum's strong performance continuing, the performance of related ecosystem tokens is worth paying attention to, and the market may officially welcome altcoin season!
