Ether Surges 108% Outperforming Bitcoin and Broader Crypto Market

Ether (ETH) has experienced a significant price rally, increasing by 108% to reach $2,880 between April 9 and June 11. This surge outperformed the broader cryptocurrency market, which saw a 49% rise during the same period. The price of ETH has more than doubled since April 9, outperforming Bitcoin (BTC), whose price has risen by 44% against the US dollar over the same period. The ETH/BTC pair, or Ether’s value in Bitcoin, is also up nearly 50% since April 9, reaching a 14-week high of 0.02623 on June 11. ETH/BTC trades at around 0.02561 at the time of writing.

ETH futures open interest (OI) (cash-margined) hit a new all-time high of over $20 billion on June 12, up 155% since April 9. The Futures OI Cash Margin Perpetual metric measures the total amount of funds (in USD value) allocated in open perpetual futures contracts that are collateralized with cash. It helps assess the market participation level and the amount of capital at risk in cash-margined perpetual futures. Rising open interest indicates increased market participation and new money flowing into ETH futures contracts. This influx suggests growing confidence among traders and investors, often a precursor to price gains as demand strengthens. Traders use stablecoins to gain exposure to ETH via futures contracts, reflecting a strategic shift to risk-on despite the price pullback from $2,800. This comes as stablecoin market capitalization reached a new all-time high at $228 billion, up 17% year-to-date.

The ETH/USD pair has been forming a cup-and-handle chart pattern on its daily chart time frame since Feb. 12. The pattern will resolve when the price breaks above the pattern’s neckline, rallying as high as the length of the prior decline. The ETH/USD daily chart illustrates that the price has broken out of the handle and is now retesting the neckline resistance at $2,800. A decisive daily candlestick close above the neckline will clear the path toward the technical target of the prevailing chart pattern above $4,170 and beyond. Popular analyst Daan Crypto Trades said that the $2,800 level (coinciding with the neckline in the chart above), is “important ” as it could trigger a big breakout for ETH price.