Ether (ETH) experienced a significant surge of 8% in the spot crypto markets on Monday due to an increase in social sentiment and optimism among derivatives traders.
Over the past 24 hours, Ether prices have risen by approximately 8%, reaching an intraday high of $3,722 on April 9. This surpasses Bitcoin (BTC) and most of its closest competitors, according to CoinGecko.
This represents the highest price ETH has reached since March 16, just over three weeks ago. Currently, the asset is 9% away from its 2024 high of $4,070 and 24% down from its all-time high of $4,878 in 2021.
In comparison, Bitcoin prices have only increased by 3% in the past day, reaching $71,395 at the time of writing.
The momentum of Ethereum may have been influenced by various factors, including the “ultra-strong” social and market activity, as highlighted by social intelligence firm Lunar Crush. In a post on April 8, Lunar Crush noted that social activity continues to accelerate, accompanied by robust price action and market volume.
Additionally, Ethereum derivatives markets are also indicating bullish sentiment for the asset for the remainder of this month. Crypto futures exchange Deribit reveals that 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. This suggests an upward bias and bullish sentiment for the options expiry on April 26, when approximately 900,000 Ethereum contracts, with a notional value of $3.8 billion, will expire.
However, not everyone shares this bullish outlook. Crypto author and educator Vijay Boyapati expressed his opinion in a post on April 8, stating that the momentum of Ethereum spot ETF approvals could be short-lived if they are rejected.
On April 9, on-chain analytics firm Santiment observed that due to Ethereum’s rise at the start of the week, ERC-20 assets have outperformed the market on average, with the sector growing by 8.1% in the past week.
In the meantime, Toncoin (TON) has surpassed Cardano (ADA) to become the tenth-largest cryptocurrency by market capitalization following an 18.5% daily gain that led to an all-time high of $6.50 on April 9.
In other news, it has been reported that 1 in 6 new Base meme coins are scams, with 91% of them having vulnerabilities, according to a magazine.