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

Make CryptoSlate preferred on

Ethereum traders are increasing their bullish exposure to the second-largest cryptocurrency, with a focus on derivatives markets showing a renewed interest in upside bets.

Based on CryptoSlate\’s data, ETH has seen an 11% increase this month following a four-week period of gains, marking its longest winning streak in almost a year.

This upward trend has pushed ETH to around $2330, its highest price level since February, and is positioning it for its first consecutive monthly gains since July and August 2025.

As a result, the performance of ETH\’s price has refocused market attention on the $3,000 level after a period of weaker performance compared to Bitcoin.

Ethereum options traders positioning for $3,200

Deribit, the largest crypto options platform, is a clear indicator of the renewed interest in bullish trades.

Data from the platform shows that open interest in ETH call options is concentrating around the $3,200 strike, with over $322 million in outstanding contracts. The $2,500 strike option is also popular with roughly $320 million in open interest.

Call options provide traders with the right to purchase an asset at a predetermined price, and they typically increase in value as the underlying asset approaches the strike price.

The focus on $2,500 and $3,200 strikes for ETH indicates that traders are positioning for a potential breakout from the current recovery range.

It\’s important to note that high open interest doesn\’t necessarily mean every position is a direct bullish bet, as options activity can involve hedging, spread trades, volatility strategies, and market-maker exposure.

ETH ETF inflows show longest streak of the year

US Ethereum exchange-traded funds (ETFs) have recently indicated strong demand ahead of the rally, which then paused.

Data from SoSo Value reveals that these funds attracted over $633 million during a 10-day inflow streak from April 9 to April 22. This streak is the longest of the year and the longest since June 2025.

However, the streak of inflows ended on April 23 when the funds experienced $75.94 million in net outflows, marking their first negative session since early April.

Despite this, the inflow streak indicates that institutional investors are returning to Ethereum exposure after a period where Bitcoin received more institutional interest. ETF flows are closely monitored as they reflect demand through spot products rather than leveraged positions on derivatives platforms.

Alphractal data also supports this trend, pointing out that its Ethereum Smart Money Flow Index, which measures institutional activity in ETH, has been diverging positively from the price for several weeks.

This indicates that institutional demand has been increasing before the price recovery became more evident in spot prices.

Despite this, the recent outflow suggests that Ethereum has not yet shown the same consistency in ETF-led support as Bitcoin during stronger rallies.

While the fund-flow situation for ETH is improving, it has not reached a level where it can independently drive the market.

Buyers starting to return to the market

In addition to the consistent ETF inflows, Binance order-flow data indicates a gradual uptick in demand rather than aggressive accumulation.

CryptoQuant\’s data reveals that the exchange\’s Cumulative Volume Delta (CVD) recently showed a positive reading of approximately 48,400. CVD tracks the net difference between buying and selling volume, with a positive reading indicating that buy orders exceed sell orders.

This suggests that ETH is not just rising due to speculative leverage but because buyers are returning to the market, helping the token stabilize after previous declines.

Furthermore, the correlation between ETH\’s price and order flow has strengthened, with a coefficient of 0.66 indicating a moderately strong relationship between buying activity and price movements.

However, this signal remains cautious as ETH is still below previous highs, and the CVD reading does not show the aggressive spot accumulation typically associated with a confirmed breakout. Instead, it suggests a phase of rebalancing after a period of weakness.

Therefore, the sustainability of an upward trend in ETH depends on the continuation of the improvement in order flow.

A stronger CVD reading would confirm that spot buyers are endorsing the movements seen in options and ETFs, while a stall could expose the rally to speculative positioning.

Increasing leverage in ETH

Despite the positive indicators, data from CryptoQuant on Binance shows a potential risk factor in the ETH rally.

The leverage ratio on the exchange has surpassed the price for the first time in months. When leverage increases faster than spot price gains, it indicates that traders are taking on borrowed exposure more rapidly than investors are buying the token outright.