Ethereum (ETH) is gaining momentum after four consecutive weeks of price increases, its longest winning streak in nearly a year. The second-largest cryptocurrency by market capitalization has risen about 11% this month, reaching approximately $2,330, its highest level since February. This uptrend has shifted market focus back to the $3,000 level, with derivatives data indicating strong bullish positioning.
On Deribit, the largest crypto options exchange, open interest in ETH call options has accumulated around the $3,200 strike, with over $322 million in outstanding contracts. The $2,500 strike follows closely with roughly $320 million in open interest. Call options give traders the right to buy an asset at a set price and typically gain value as the underlying token approaches that strike. While not every position is a direct bullish bet, the concentration at $2,500 and $3,200 shows that traders are positioning for a move beyond the current recovery range. This activity could include hedging, spread trades, or volatility strategies.
US spot Ethereum exchange-traded funds (ETFs) recorded their longest inflow streak of the year, drawing more than $633 million over a 10-day period that began on April 9 and ended on April 22. This marks the longest such streak since June 2025. However, the streak ended on April 23 with $75.94 million in net outflows, the first negative session since early April. Nevertheless, the inflow streak suggests that regulated investors are returning to Ethereum exposure after months of Bitcoin dominance.
Alphractal's Ethereum Smart Money Flow Index, a proprietary measure of institutional activity, has shown positive divergence from price for several weeks, indicating improving fund demand even before the recent price recovery became visible. Binance order-flow data from CryptoQuant also shows a positive Cumulative Volume Delta (CVD) reading of about 48,400, meaning buy orders are outweighing sell orders. The correlation coefficient between ETH's price and order flow stands at 0.66, indicating a moderately strong relationship between buying activity and price movement.
Despite these bullish signals, there are risks. According to CryptoQuant, Binance's leverage ratio has climbed above price for the first time in months, indicating that traders are adding borrowed exposure faster than investors are buying the token outright. While this can support fast gains during early recoveries, it also increases the risk of forced selling if the price reverses. ETH's trajectory toward $3,200 would require spot buyers to continue absorbing supply, ETF flows to stabilize, and leverage to stop rising faster than price.
