Close Menu
    Finance

    Ethereum (ETH) Breaks Three All-Time Records This Week—Bull Run Incoming?

    Oli DaleBy No Comments4 Mins Read

    Quick Overview

    • ETH is currently holding between $2,216 and $2,234, posting approximately 6% gains after the ceasefire between the US and Iran was confirmed
    • Open interest in Ethereum futures surged by $2.2 billion, with long positions driving the increase
    • Daily transaction transfers on the Ethereum network exceeded 1.3 million, setting a fresh record
    • For the first time ever, over 30% of all ETH supply is now staked, representing $84.8 billion in value
    • US-based demand for Ethereum strengthened as the Coinbase Premium Index turned positive

    Ethereum’s network fundamentals have reached unprecedented levels this week, despite the token’s price still trading significantly below its previous peak. Multiple key indicators have broken all-time records, partially fueled by improved global geopolitical sentiment.

    Ethereum (ETH) Price
    Ethereum (ETH) Price

    Following Tuesday’s ceasefire announcement between the United States and Iran, Ethereum posted a 6% rally within 24 hours. This marked ETH’s strongest single-day performance in more than a month.

    Data from blockchain analytics platform CryptoQuant reveals that Ethereum’s open interest measured in USD climbed by $2.2 billion immediately after the ceasefire was made public. This pushed open interest to levels not witnessed in nearly four weeks.

    Source: CryptoQuant

    Analysts at CryptoQuant pointed out that open interest denominated in ETH coins also increased. This indicates that the surge wasn’t primarily caused by short position liquidations, but rather by traders establishing fresh long positions.

    The Taker Buy-Sell Ratio for Ethereum has shifted in favor of buyers, demonstrating that bullish participants are taking the lead in perpetual futures markets. Bitcoin futures displayed comparable behavior, suggesting market participants anticipate near-term macroeconomic stabilization.

    This week, the ETH Coinbase Premium Index crossed into positive territory for the first time in weeks. This development points to strengthening appetite from American institutional and retail investors. CryptoQuant’s analysis suggests that sustained ceasefire conditions over the coming fortnight could keep this premium elevated and provide ongoing price support.

    Ethereum Network Sees Record Transaction Volume

    According to CryptoQuant metrics published on April 10, the seven-day simple moving average for Ethereum’s total transfer count broke through 1.3 million daily transactions. This represents a new all-time high, eclipsing the prior record established in mid-February.

    This dramatic increase in network transfers highlights expanding usage across decentralized finance protocols, layer-2 scaling solutions, spot ETF products, and a wide range of smart contract applications.

    Crypto analyst Daan Crypto Trades shared his perspective on X this week, stating: “$ETH consolidating around the $2.1K big high timeframe level from the past few years. $2.1K–$2.8K is the range to watch if the weekly can close in this area. The past few weeks have been incredibly choppy and the bulls would want to push above that local high around $2.4K to get things going.” His analysis underscores the critical price zone currently under observation by market participants.

    ETH Staking Breaks Historic 30% Threshold

    For the first time in its history, Ethereum’s staking ratio has surpassed 30%, according to Token Terminal data released on April 9. The total value of staked ETH now exceeds $84.8 billion.

    Ethereum continues to dominate the staking landscape across all blockchain networks. Solana ranks second with $36.2 billion in staked assets, while BNB Chain holds the third position at $15.5 billion.

    As the staking ratio climbs, the amount of ETH available for trading on exchanges diminishes proportionally. This contraction in circulating supply can create favorable conditions for price appreciation over extended periods.

    Liquidation data from Coinglass shows that $54.4 million worth of ETH positions were liquidated in the last 24 hours, with short positions accounting for $34.5 million of that total.

    From a technical standpoint, ETH continues to trade above both its 20-day exponential moving average at $2,128 and its 50-day EMA at $2,156. The primary resistance level sits at $2,388, where the 100-day EMA intersects with a significant horizontal price barrier.

    Farside Investors published data on April 10 showing that United States-based Ethereum ETFs registered combined net inflows of $64.9 million during the trading session.

    Share.

    Related Posts

    Leave A Reply