Ethereum

Lunar

April

Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) accelerated 8% in spot crypto markets on Monday amid an uptick in social sentiment and optimism among derivatives traders.
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 (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) 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&nbsp;prices have <a href="https://cointelegraph.com/news/bitcoin-surge-to-72k-driven-by-macro-factors-not-just-spot-btc-etf-inflows" rel="noopener noreferrer nofollow">moved 3%</a> over the past day reaching $71,395 at the time of writing.
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 <a href="https://twitter.com/LunarCrush/status/1777423537005043929" target="_blank" rel="noopener noreferrer nofollow">noted</a> in a post on X on April 8.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/07faa725-de1f-4d53-af10-55c2b7ff463f.jpg">
 <figcaption style="text-align: center;">Ethereum social activity and price. Source: <a href="https://twitter.com/LunarCrush/status/1777423537005043929" target="_blank" rel="noopener noreferrer nofollow">Lunar Crush</a>
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Meanwhile,&nbsp;<a href="https://cointelegraph.com/news/ethereum-derivatives-show-strength-despite-eth-price-drop" rel="noopener noreferrer nofollow">Ethereum derivatives</a> 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.&nbsp;
This shows an upside bias and bullish sentiment for the end-of-the-month options expiry on April 26, when around 900,000 Ethereum contracts expire with a notional value of $3.8 billion.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/4b6e1b35-4cb2-4f40-8926-2438e7ac4f54.jpg">
 <figcaption style="text-align: center;">Ethereum OI by strike price. Source: <a href="https://metrics.deribit.com/options/ETH" target="_blank" rel="noopener noreferrer nofollow">Deribit</a>
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Not everyone is so bullish, however. Crypto author and educator Vijay Boyapati <a href="https://twitter.com/real_vijay/status/1777461171316236367" target="_blank" rel="noopener noreferrer nofollow">opined</a> in a post on X on April 8 that the premise of Ethereum spot ETF approvals is driving momentum, but it could be short-lived if they get rejected.
<blockquote>
 “All the hot money that flowed into ETH because of ETF hopium is going to go back into Bitcoin once the Ethereum ETFs are all rejected…”
</blockquote>
Related: <a href="https://cointelegraph.com/news/ether-price-surpass-5-4k-technical-indicator" rel="noopener noreferrer nofollow">Key Ethereum price metric targets $5.4K ETH in 2024</a>
On April 9, on-chain analytics firm Santiment <a href="https://twitter.com/santimentfeed/status/1777498088305000755" target="_blank" rel="noopener noreferrer nofollow">observed</a> that “powered by Ethereum’s rise to start the week,” ERC-20 assets have been “well ahead of the markets on average,” the sector has grown by 8.1% in the past week.
Meanwhile, <a href="https://cointelegraph.com/news/price-analysis-4-8-spx-dxy-btc-eth-bnb-sol-xrp-doge-ada-ton" rel="noopener noreferrer nofollow">Toncoin</a> (TON) has flipped Cardano (<a href="https://cointelegraph.com/ada-price-index" rel="noopener noreferrer nofollow">ADA</a>) to take the tenth spot by market capitalization following an 18.5% daily gain to hit an all-time high of $6.50 on April 9.
Magazine: <a href="https://cointelegraph.com/magazine/base-meme-coins-scams-vulnerabilities-honeypot/" rel="noopener noreferrer nofollow">1 in 6 new Base meme coins are scams, 91% have vulnerabilities</a>

Ethereum boosts 8% amid ‘ultra-strong’ social and market activity

Cointelegraph

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