Ethereum’s 4 consecutive weeks of price rallies fuel bullish bets of $3200

Piyasa gündeminde öne çıkan haber: Ethereum traders are rebuilding bullish exposure to the second-largest cryptocurrency, with derivatives markets showing renewed demand for upside bets. According to 's data, ETH has gained about 11% this month on the back of a four-week stretch of gains, its longest in nearly a year. This uptrend pushed ETH to around $2330, its highest price level since February, and puts it on course for its first back-to-back monthly advance since July and August 2025.

Ethereum Price Monthly Returns Since January 2025 -April 2026 (Source: CoinGlass) As a result, ETH's price performance has shifted the market attention back to the $3,000 level after months of weaker relative performance against Bitcoin . Ethereum options trader position for $3,200 Deribit, the largest crypto options venue , has become the clearest expression of the renewed upside trade. Data from the trading platform show that open interest in ETH call options has built up around the $3,200 strike, with more than $322 million in outstanding contracts.

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The $2,500 strike option follows closely with roughly $320 million in open interest. Call options give traders the right to buy an asset at a set price. They typically gain value as the underlying token moves closer to the strike.

In ETH's case, the concentration around $2,500 and $3,200 shows that traders are again positioning for a move beyond the current recovery range. Meanwhile, the large open interest does not mean every position is a direct bullish bet. Options activity can include hedging, spread trades, volatility strategies, and market-maker exposure.

ETH ETF flows register longest inflow streak this year US spot Ethereum exchange-traded funds (ETFs) recently delivered one of the strongest demand signals ahead of the rally, which then paused. Data from SoSo Value showed that the 10 funds drew more than $633 million during a 10-day inflow streak that began on April 9 and ended on April 22. This is their longest inflow streak of this year and the longest since June 2025.

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Ethereum ETFs Daily Flows in 2026 (Source: SoSoValue) However, the current inflow streak ended on April 23, when the funds recorded $75. 94 million in net outflows, marking their first negative session since early April. Still, the inflow streak helps support the view that regulated investors were returning to Ethereum exposure after months in which Bitcoin attracted the larger institutional bid.

ETF flows are closely watched because they show demand through spot products rather than leveraged positions on derivatives venues. Alphractal data corroborated the trend and pointed out that its Ethereum Smart Money Flow Index, a proprietary measure of institutional activity in ETH, has also shown positive divergence from price for several weeks. Ethereum Smart Money Flow Index (Source: Alphractal) That suggests fund demand had been improving before the recovery became more visible in spot prices.

However, the latest outflow tempers that reading as it shows that Ethereum has not yet shown the same ETF-led consistency that has supported Bitcoin during stronger rallies. For ETH, the fund-flow picture is improving, but it has not yet become strong enough to carry the market on its own. Buyers are gradually returning to the market Apart from the sustained inflows from the ETFs, Binance order-flow data also points to a gradual improvement in demand rather than aggressive accumulation.

Kripto piyasaları, bu gelişmenin ardından yakından takip ediliyor. Yatırımcılar, söz konusu haberin fiyatlar üzerindeki olası etkilerini değerlendiriyor.