Ethereum (ETH) Price: Three Records in One Week—Is ETH Finally Ready to Move Higher?

TLDR

• ETH price is trading around $2,216–$2,234, up roughly 6% following the US-Iran ceasefire announcement
• Ethereum’s open interest jumped $2.2 billion, with buyers dominating futures markets
• Ethereum’s total transfer count surpassed 1.3 million, a new all-time high
• ETH staking ratio has passed 30% for the first time, with $84.8 billion staked
• The Coinbase Premium Index flipped positive, showing increased US demand for ETH

Ethereum has seen a strong week of on-chain data improvements, even as price remains well below its all-time high. Several metrics have reached record levels, driven in part by a broader easing in global tensions.

Ethereum rose 6% in 24 hours after the US and Iran announced a ceasefire on Tuesday. That single-day move was the largest for ETH in over a month.

According to crypto analytics firm CryptoQuant, USD-denominated open interest for ETH jumped by $2.2 billion following the ceasefire news. This brought open interest close to levels last seen nearly a month ago.

CryptoQuant analysts confirmed that coin-denominated open interest also rose. This rules out short liquidations as the main driver and shows traders are opening new long positions.

Ethereum’s Taker Buy-Sell Ratio has also tilted upward, showing that buyers are leading activity in ETH perpetual futures. A similar pattern was seen in Bitcoin futures, suggesting traders expect short-term macro improvement.

The ETH Coinbase Premium Index flipped positive this week. This signals growing demand from US-based buyers. CryptoQuant’s report noted that if the ceasefire holds over the next two weeks, the premium could remain positive and support prices.

Network Activity Reaches New All-Time High

On April 10, CryptoQuant data showed Ethereum’s seven-day simple moving average for total transfer count crossed 1.3 million transactions. This surpassed the previous peak recorded in mid-February.

The surge in transfer activity reflects growing use across decentralized finance, layer-2 networks, ETF markets, and smart contract applications.

Analyst Daan Crypto Trades posted on X this week: “$ETH consolidating around the $2.1K big high timeframe level from the past few years. $2.1K–$2.8K is the range to watch if the weekly can close in this area. The past few weeks have been incredibly choppy and the bulls would want to push above that local high around $2.4K to get things going.” His comment highlights the key price zone traders are watching.

Staking Ratio Passes 30% for First Time

Ethereum’s staking ratio has crossed 30%, reaching a new all-time high, according to Token Terminal data from April 9. The staking market cap currently stands at $84.8 billion.

Ethereum remains the top staking blockchain by far. Solana follows with $36.2 billion staked, and BNB Chain sits third at $15.5 billion.

The higher the staking ratio, the fewer ETH tokens remain liquid on the market. This reduction in liquid supply can affect price dynamics over time.

ETH saw $54.4 million in liquidations over the past 24 hours, with $34.5 million coming from short positions, per Coinglass.

On the chart, ETH holds above its 20-day EMA at $2,128 and 50-day EMA at $2,156. Key resistance sits at $2,388, where the 100-day EMA and a horizontal barrier converge.

Farside Investors reported on April 10 that US Ethereum ETFs recorded a total net flow of $64.9 million for the day.

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