CryptoSlate
Ethereum has strung together four consecutive weeks of gains — its longest streak in nearly a year — lifting the token roughly 11% this month to around $2,330, its highest level since February. The move puts ETH on course for its first back-to-back monthly advance since July and August 2025, and has shifted market attention back to the $3,000 mark after months of weaker relative performance against Bitcoin.
Why it matters
The rally is showing up in derivatives, in regulated spot products, and in on-chain order flow — but the three are not moving at the same speed. On Deribit, the largest crypto options venue, open interest in ETH call options has built heavily around the $3,200 strike, with more than $322 million in outstanding contracts, while the $2,500 strike follows closely at roughly $320 million. That concentration is the clearest expression of the renewed upside trade. US spot Ethereum ETFs, meanwhile, drew more than $633 million during a 10-day inflow streak that began on April 9 and ended on April 22 — the longest of this year and the longest since June 2025 — though that streak snapped on April 23 with a $75.94 million net outflow. CryptoQuant's Smart Money Flow Index has shown positive divergence from price for several weeks, and Binance Cumulative Volume Delta recently registered a positive reading of about 48,400, with a price-vs-order-flow correlation of 0.66.
Market impact
The risk is that derivatives are getting ahead of spot. CryptoQuant data from Binance shows the exchange's leverage ratio has climbed above price for the first time in months, meaning borrowed exposure is expanding faster than the token's spot gains. That setup can fuel fast rallies while conditions cooperate, but it also raises the cost of a failed breakout — long liquidations would amplify any reversal. For the move toward $3,200 to hold, three gaps need to narrow: spot buyers must keep absorbing supply, ETF flows need to stabilize after the April 23 pause, and leverage needs to stop running ahead of price. Until then, the same derivatives positioning supporting the rebound is also the most likely accelerant if it breaks.
Frequently asked questions
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What price level are Ethereum traders targeting in options?
Deribit data shows open interest in ETH call options has built heavily around the $3,200 strike, with more than $322 million in outstanding contracts. The $2,500 strike follows closely at roughly $320 million in open interest.
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How long is Ethereum's current weekly rally?
Ethereum has posted four consecutive weeks of gains — its longest weekly streak in nearly a year — lifting ETH roughly 11% this month to around $2,330, its highest level since February.
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How much did US spot Ethereum ETFs pull in during the recent inflow streak?
The 10 US spot Ethereum ETFs drew more than $633 million during a 10-day inflow streak that ran from April 9 to April 22, the longest of this year and the longest since June 2025. The streak ended on April 23 with $75.94 million in net outflows.
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What is the on-chain demand signal from Binance?
CryptoQuant's Binance Cumulative Volume Delta recently printed a positive reading of about 48,400, with a price-to-order-flow correlation of 0.66 — a moderately strong relationship indicating buy orders are outweighing sell orders.
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What is the main risk to the Ethereum rally?
CryptoQuant data from Binance shows the exchange's leverage ratio has climbed above price for the first time in months, meaning borrowed exposure is rising faster than spot demand. That can fuel fast gains but also raises the cost of a failed breakout if long positions get liquidated.
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