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>
 </figcaption>
</figure>
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>
 </figcaption>
</figure>
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

Andere artikelen gepubliceerd op 9 apr 2024

Dogecoin Rockets Up: Bulls Take Charge as Price Surges Nearly 17%

Bitcoin Edges Toward All-Time High: Analysts Weigh In

MINA Protocol Anticipates Impactful Mainnet Upgrade with Berkeley

Primex Finance Announces Community Rewards Campaign With CoinList

What is VIM and How to Buy VIZ?

Ethereum to Penalize Large Validator Groups for Network Safety

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!