Ethereum will increase by 8% between ‘super-strong’ social and market activity
Ether (ETH) rallied 8% in spot crypto markets on Monday amid social sentiment and optimism among traders.
Ether prices have increased by about 8% in the last 24 hours, with the asset hitting a high of $3,722 on April 9, outperforming Bitcoin (BTC) and most of its closest peers, according to CoinGecko.
This is the highest price ETH has reached in three weeks since March 16. The asset is now 9% off its 2024 high of $4,070 and down 24% from its 2021 all-time high of $4,878.
Comparatively, Bitcoin prices have moved 3% over the past day, reaching $71,395 at the time of writing.
According to social media firm Lunar Crush, Ethereum's movement could be due to a number of factors, including “strong” social and market activity.
In an April 8 post on X, he said, “Social activity continues to be buoyed by both strong price action and market volume.”
Meanwhile, Ethereum derivatives markets hint at bullish sentiment for the rest of the asset this month.
Currently, there is $600 million in open interest (OI) at the $4,000 strike price and $378 million at the $3,700 and $5,000 prices, according to crypto futures exchange Deribit.
This suggests a skewed bias and bullishness towards the end of the month ending April 26, when about 900,000 Ethereum contracts expire at a notional value of $3.8 billion.
However, not everyone is so energetic. Crypto author and educator Vijay Boyapati, in a post on X on April 8, said that the concept of Ethereum spot ETF approvals is gaining momentum, but if they reject it, it could be short-lived.
“All the hot money that flowed into ETH because of ETF Hopium is going to go back into Bitcoin after all the Ethereum EFAs get rejected…”
Related: Key Ethereum Price Metric Targets $5.4K ETH in 2024
On April 9, on-chain analytics company Sentiment noted that “powered by Ethereum's rise to start the week,” ERC-20 assets are “on average ahead of the market,” with the sector growing by 8.1% last week. .
Meanwhile, Toncoin (TON) overtook Toncoin (ADA) to take tenth place by market capitalization following an 18.5% daily gain to reach a high of $6.50 on April 9.
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