ETH accelerated by 8% in the cryptocurrency spot markets on Monday as public sentiment and optimism among derivatives investors increased.
Ethereum prices have risen about 8% in the past 24 hours, with the asset reaching an intraday high of $3722 on April 9, overtaking BTC
This is the highest price ETH has reached since March 16, just over three weeks ago. The asset is now 9% below its 2024 peak of $4070 and 24% below its 2021 peak of $4878.
By comparison, Bitcoin prices have risen 3% over the past day , reaching $71,395 at the time of this writing.
According to social intelligence firm Lunar Crush, several factors may have contributed to Ethereum's momentum, including "ultra-strong" social and market activity.
"Social activity continues to accelerate, accompanied by both strong price action and market volume," the company said. - noted in an April 8 post on the X portal.
Meanwhile, Ethereum derivatives markets also indicate bullish sentiment toward the asset for the rest of this month.
According to the Deribit cryptocurrency futures exchange, there are currently about $600 million in open interest (OI) positions at a strike price of $4,000 and $378 million at strike prices of $3,700 and $5,000.
