8% Surge in Ethereum Driven by ‘Ultra-Strong’ Social and Market Activity

Ether, the cryptocurrency that runs on the Ethereum network, experienced an 8% increase in value in the spot crypto markets on Monday. This surge in price was fueled by a rise in social sentiment and optimism among derivatives traders. Over the past 24 hours, Ether prices have risen approximately 8%, reaching a high of $3,722 on April 9. This puts Ether ahead of Bitcoin and its closest peers in terms of performance. In fact, this is the highest price Ether has reached since March 16, just over three weeks ago. It is now only 9% away from its 2024 high of $4,070, but still down 24% from its 2021 all-time high of $4,878.

The momentum behind Ethereum can be attributed to a number of factors, including strong social activity and market volume. Social intelligence firm Lunar Crush noted that social activity for Ethereum has been accelerating, accompanied by positive price action and market volume. Ethereum’s derivatives markets are also indicating a bullish sentiment for the asset for the rest of the month. There is a significant amount of open interest at strike prices of $4,000, $3,700, and $5,000, suggesting an upside bias and positive sentiment for the options expiry on April 26. Around 900,000 Ethereum contracts with a notional value of $3.8 billion will expire on that date.

Not everyone shares this bullish outlook. Crypto author Vijay Boyapati expressed skepticism in a post, suggesting that the momentum behind Ethereum may be short-lived if approvals for Ethereum spot ETFs are rejected. Boyapati believes that the money flowing into Ethereum due to the possibility of ETF approvals will shift back to Bitcoin if these approvals are not granted. While the future of Ethereum’s performance remains uncertain, it is worth noting that ERC-20 assets, which are built on the Ethereum platform, have outperformed the markets on average. In the past week, this sector has grown by 8.1%. Toncoin (TON) has surpassed Cardano to become the tenth largest cryptocurrency by market capitalization after experiencing an 18.5% increase in value on April 9, reaching an all-time high of $6.50.