Key Highlights
- ETH is currently trading between $2,216 and $2,234, gaining approximately 6% after the ceasefire agreement between the US and Iran
- Open interest for Ethereum surged by $2.2 billion, with long positions leading futures activity
- Total transfer count on Ethereum exceeded 1.3 million, marking an unprecedented record
- For the first time ever, ETH’s staking ratio has climbed past 30%, representing $84.8 billion in staked value
- The Coinbase Premium Index turned positive, indicating rising demand from United States traders
Ethereum has experienced a remarkable week in terms of on-chain performance metrics, despite trading significantly below its historical peak price. Multiple indicators have achieved all-time highs, partly fueled by de-escalating geopolitical tensions worldwide.
Following Tuesday’s announcement of a ceasefire between the United States and Iran, Ethereum’s value increased 6% within a single day. This daily gain represents ETH’s strongest performance in more than thirty days.
Data from blockchain analytics platform CryptoQuant reveals that USD-based open interest for Ethereum climbed by $2.2 billion immediately after the ceasefire news broke. This surge pushed open interest to levels comparable to those witnessed approximately one month earlier.
CryptoQuant’s team verified that coin-based open interest increased as well. This confirmation eliminates forced short closures as the primary catalyst and demonstrates that market participants are establishing fresh bullish positions.
The Taker Buy-Sell Ratio for Ethereum has shifted upward, indicating that purchasing activity dominates ETH perpetual futures markets. Bitcoin futures exhibited comparable behavior, suggesting traders anticipate near-term macroeconomic stabilization.
This week saw the ETH Coinbase Premium Index turn positive. This development indicates heightened appetite from American institutional and retail investors. CryptoQuant’s analysis emphasized that sustained ceasefire conditions over the coming fortnight could maintain the positive premium and provide price support.
Blockchain Usage Hits Unprecedented Levels
On April 10, information from CryptoQuant demonstrated that Ethereum’s seven-day simple moving average for total transfer volume surpassed 1.3 million transactions. This figure exceeded the prior record established during February’s mid-month period.
The dramatic increase in transfer volumes demonstrates expanding adoption across decentralized finance protocols, second-layer scaling solutions, exchange-traded fund markets, and various smart contract implementations.
Market analyst Daan Crypto Trades shared his perspective on X this week: “$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 observation underscores the critical price territory market participants are monitoring.
Historic Milestone: Staking Surpasses 30% Threshold
For the first time in its history, Ethereum’s staking ratio has exceeded 30%, establishing a new record according to Token Terminal statistics released on April 9. The current staking market capitalization has reached $84.8 billion.
Ethereum maintains its position as the dominant proof-of-stake blockchain by market cap. Solana ranks second with $36.2 billion in staked assets, while BNB Chain occupies third place at $15.5 billion.
As the staking ratio increases, the quantity of ETH available for trading on exchanges decreases. This contraction in circulating supply can influence price behavior over extended periods.
Liquidation data from Coinglass shows ETH experienced $54.4 million in forced position closures during the past day, with bearish positions accounting for $34.5 million of that total.
Technically, ETH maintains support above its 20-day exponential moving average at $2,128 and 50-day exponential moving average at $2,156. The primary resistance zone stands at $2,388, where the 100-day EMA intersects with a significant horizontal level.
Farside Investors disclosed on April 10 that United States-based Ethereum exchange-traded funds registered combined net inflows totaling $64.9 million for that trading session.
