Ethereum (ETH) has recently performed strongly, with a price increase of nearly 12% in one 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 soaring 53%, becoming the best performer among the top 300 tokens by market capitalization. Since Bitcoin's surge aiming for $100,000, the performance of established public chains has been quite good, with ADA and XRP rising over 27.1% and 31.8% respectively in the past week, and the long-awaited Ethereum has thus received more market expectations, watching whether capital will rotate towards Ethereum.
Finally, as Bitcoin began to correct this week, Ethereum's strength gradually emerged: it fell less than Bitcoin during declines and rose more during increases. The ETH/BTC ratio increased by nearly 7% on the 25th, rebounding 18.38% from a low of 0.03187 over the past week, currently at 0.03775, indicating signs of capital rotation.
Ethereum rises over 13%, surpassing other top ten tokens.
Ethereum's price surged last night (27th), peaking at $3,684.92, reaching a new high in over five months, with a daily increase of 13.28%. It slightly retraced before the deadline, currently reported at $3,637.07, although the 24-hour increase narrowed to 8.83%, it remains the best-performing token among the top 10.
Ethereum OI surpasses $24 billion, setting a new record.
Meanwhile, the open interest of Ethereum perpetual contracts hit a new high, reaching $24.08 billion, growing 33.1% over the past week, showing that capital is flowing into Ethereum. Whether it is the participation of retail investors or institutional strategy demand (such as hedging or neutral positions) that is driving this growth.
The surge in open interest indicates that market volatility may increase, and investors need to be cautious with risk management.
From the funding rate perspective, it is currently close to a neutral range of about 2.1% per month, not showing 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 rose 17.9% in the past week, retail demand for leveraged longs 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 the chart comparing the MVRV ratio to Ethereum price, stating that in past crypto bull markets, Ethereum often experienced two significant price increases, with the second increase always significantly exceeding the first. This suggests that Ethereum's upward momentum may continue.
ENS, EIGEN… Ethereum ecosystem tokens are generally rising.
This has allowed the Ethereum ecosystem to regain market attention, with several popular tokens performing well, including:
ENS(Ethereum Name Service): Price skyrocketed more than53%, becoming the best performer among the top 300 tokens by market capitalization, currently priced at$33.25.
Puffer(Ethereum liquidity re-staking project): Price surged by60%, currently priced at$0.6546.
EIGEN (the native token of the Ethereum re-staking project EigenLayer): Price increased by 25% in one day, breaking $4.1, just shy of its all-time high, currently priced at $3.77.
INST, ENA, etc.
With Ethereum's strong performance continuing, the performance of related ecosystem tokens is worth watching, and the market may officially welcome altcoin season!
