Ethereum's price has surged today, driven by a combination of increased capital inflows and a notable rise in its open interest and futures premium. The cryptocurrency has been experiencing a wave of bullish sentiment, with Ethereum ETFs recording net inflows of $40.6 million on Tuesday, marking the third consecutive day of positive flows. This trend suggests a shift in investor focus from Bitcoin to Ethereum, as traders anticipate an altcoin season where Ethereum is expected to lead the charge. The ETH/BTC ratio has also seen a significant increase, further highlighting Ethereum's growing dominance in the market.
The bullish momentum in Ethereum is supported by strong activity in its derivatives market. Open interest in Ethereum has reached an all-time high, indicating rising bullish pressure. This is complemented by a surge in the three-month premium across major crypto exchanges, suggesting that traders are optimistic about Ethereum's future price movements. Analysts believe that if Ethereum can maintain this momentum and overcome key resistance levels, it could rally to new highs, potentially surpassing its yearly high resistance of $4,093.
Ethereum's price has climbed to $3,606.29, marking an 8.46% increase today.