09 Apr

By the end of April, traders in derivatives hope to see higher strike prices for Ethereum.

On Monday, Ether (ETH) surged 8% in spot cryptocurrency markets as traders of futures saw a rise in social sentiment and excitement.

According to CoinGecko, ether prices have increased by around 8% in the last 24 hours. On April 9, the asset reached an intraday high of $3,722, surpassing the values of Bitcoin
Since March 16, or a little more than three weeks ago, this is the highest price ETH has ever seen. The asset is currently 24% behind its all-time high of $4,878 set in 2021 and 9% below its high point of $4,070 set in 2024.

In contrast, the price of Bitcoin has increased by 3% in the last day to reach $71,395 as of this writing.

According to social intelligence business Lunar Crush, "ultra-strong" social and market activity may have been one of the factors driving Ethereum's momentum.

In an April 8 post on X, it stated, "Social activity continues to accelerate, joined by both strong price action and market volume."

In the meantime, markets for Ethereum derivatives are also pointing to a bullish outlook for the asset over the remainder of this month.

According to cryptocurrency futures market Deribit, there is currently over $600 million in open interest (OI) at the $4,000 strike price and $378 million at the $3,700 and $5,000 strike prices.

For the end-of-month options expiry on April 26, when over 900,000 Ethereum contracts with a notional value of $3.8 billion expire, this indicates an upside bias and positive mood.

But not everyone is that optimistic. In a post on X on April 8, cryptocurrency expert and educator Vijay Boyapati expressed his opinion that while the idea of Ethereum spot ETF approvals is gaining traction, it might not last long if they are denied.

"Once the Ethereum ETFs are all rejected, all the hot money that poured into ETH due to ETF Hopium will return to Bitcoin." 

The on-chain analytics company Santiment noted on April 9 that ERC-20 assets have been "well ahead of the markets on average," with the sector growing by 8.1% over the previous week, "powered by Ethereum's rise to start the week."

By market capitalization, Toncoin (TON) has surpassed Cardano ADA to occupy the tenth position. This comes after an 18.5% daily increase that culminated in an all-time high of $6.50 on April 9.

April 2024, Cryptoniteuae

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