Ether (ETH) has shown remarkable strength in recent weeks, outperforming Bitcoin and signalling bullish momentum with futures data reaching unprecedented levels. As traders eye the $4,000 mark and beyond, technical patterns and market signals suggest further gains may be on the horizon.
Ether Price Soars 108% Since April
Since April 9, Ether’s price has rallied by 108%, climbing from around $1,380 to touch $2,880 — a level not seen since February 8. This growth outpaces the broader crypto market, which has risen by 49% in the same period. In contrast, Bitcoin (BTC) has increased by just 44% against the US dollar, highlighting Ether’s growing dominance.
ETH/BTC, the pair measuring Ether’s value in Bitcoin, surged nearly 50% during this time, reaching a 14-week high of 0.02623 on Wednesday. As of writing, the pair trades around 0.02561.
ETH futures open interest: USD. Source: Glassnode
“$ETH continues to show strength as it’s up 50% against #Bitcoin since the low in April,” said MN Capital founder Michael van de Poppe on X, adding, “I think we’re fairly underestimating the potential of this entire market.”
ETH Futures Open Interest Surges 155%
In a strong indication of bullish sentiment, Ether futures open interest (OI) surged to an all-time high of over $20 billion on Thursday — a 155% increase since April 9, according to data from Glassnode. This metric reflects the total value of funds allocated to open perpetual futures contracts that are collateralised with cash.
A rising OI typically indicates increased market participation and fresh capital entering the ETH futures market. This growth often precedes price increases, as investor confidence and demand for exposure to ETH rise.
Glassnode also noted that traders are using stablecoins to gain exposure to ETH through futures contracts, suggesting a “risk-on” sentiment despite the slight price pullback from $2,800. Notably, stablecoin market capitalisation reached a record $228 billion this year, up 17% year-to-date, reinforcing the influx of capital into crypto markets.
Technical Patterns Point to $4,200 Target
Technically, Ether appears poised for a potential breakout. Since February 12, the ETH/USD chart has been forming a bullish cup-and-handle pattern — a classic formation that often leads to significant upward moves.
The neckline of the pattern lies near the $2,800 level. A decisive daily candlestick close above this resistance could confirm a breakout, targeting a move towards $4,200, in line with the pattern’s projection.
According to crypto analyst Daan Crypto Trades, $2,800 is a key level for ETH. A successful breakout above this point “could trigger a big breakout for ETH price.”
ETH/USD daily chart.
Previously, a breakout from a bull flag formation suggested ETH could see gains of up to 30%, potentially pushing the price towards $3,670 in the near term.
ETH Bull Market Signals Strengthening
The convergence of on-chain data, technical chart patterns, and outperforming market dynamics suggests that Ether may be entering a renewed bullish phase. Traders and analysts alike are interpreting this momentum as a signal that a broader crypto bull market could be in its early stages.
With futures open interest peaking, stablecoin flows rising, and strong comparative performance against Bitcoin, all eyes are now on whether ETH can break above the $2,800 resistance and begin its ascent towards the $4,000–$4,200 range.
As momentum builds and technical structures align, Ether’s next few moves could be decisive in shaping the direction of the wider crypto market.
