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04/09/2024

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Ethereum Surges 8% Amid High Social and Market Activity

Derivatives traders are eyeing higher strike prices for Ethereum by the end of April as Ether surged 8% to around $3,700 in spot crypto markets on Monday. This uptick in price was accompanied by increased social sentiment and optimism among traders.

Ethereum Surges 8% Amid High Social and Market Activity

Derivatives traders are eyeing higher strike prices for Ethereum by the end of April as Ether surged 8% to around $3,700 in spot crypto markets on Monday. This uptick in price was accompanied by increased social sentiment and optimism among traders.

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Over the past 24 hours, Ether’s price has seen an 8% gain, reaching an intraday high of $3,722 on April 9. This surge outpaced Bitcoin and most other major cryptocurrencies, according to CoinGecko. This marks the highest price Ethereum has reached since March 16, just over three weeks ago. Currently, it sits 9% below its 2024 high of $4,070 and is 24% down from its all-time high of $4,878 in 2021.

Ethereum Shows Strong Momentum with 8% Surge

Ethereum’s recent surge, reaching around $3,700 in spot crypto markets, has been accompanied by significant social and market activity. According to Lunar Crush, there has been an “ultra-strong” increase in social activity, coinciding with robust price action and market volume.

In contrast, Bitcoin prices have seen a more modest 3% increase over the past day, reaching $71,395 at the time of writing.

The momentum in Ethereum’s price has also been reflected in its derivatives markets, which are indicating bullish sentiment for the asset for the remainder of the month. Deribit, a crypto futures exchange, reports 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.

These figures suggest an upside bias and bullish sentiment for the end-of-the-month options expiry on April 26. Around 900,000 Ethereum contracts, with a notional value of $3.8 billion, are set to expire on that date.

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Mixed Sentiment Surrounds Ethereum’s Momentum

While Ethereum’s recent surge has fueled optimism in the crypto community, not everyone shares the same bullish sentiment. Vijay Boyapati, a crypto author and educator, expressed concerns about the potential short-lived nature of Ethereum’s momentum, particularly if spot ETF approvals fail to materialize. Boyapati suggested that the flow of “hot money” into Ethereum due to ETF expectations could reverse back into Bitcoin in the event of ETF rejections.

On April 9, Santiment, an on-chain analytics firm, noted the significant rise in ERC-20 assets, attributing it to Ethereum’s strong performance earlier in the week. ERC-20 assets have outpaced the broader market, growing by 8.1% on average over the past week.

In the midst of Ethereum’s surge, Toncoin (TON) has made headlines by surpassing Cardano (ADA) to claim the tenth spot by market capitalization. TON recorded an impressive 18.5% daily gain, reaching an all-time high of $6.50 on April 9.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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