Ethereum Bulls Eye $3,200 After 11% April Rally
US spot Ethereum ETFs pulled in ₱38.43 billion ($633 million) over a 10-day streak from April 9 to April 22, marking the second-longest inflow run since the funds launched. Options traders on Deribit have concentrated ₱19.55 billion ($322 million) in call contracts at the $3,200 strike price.
Key Takeaway
Concentrated call options at $3,200 suggest traders expect Ethereum to climb another 37% from current levels.
Call option bets at the $3,200 strike price now total ₱19.55 billion ($322 million) in open interest on Deribit, the largest crypto options venue. Another ₱19.43 billion ($320 million) sits at the $2,500 level, signaling traders expect the rally to extend through both technical levels.
US spot Ethereum ETFs pulled in ₱38.43 billion ($633 million) over a 10-day streak from April 9 to April 22. That inflow run ended on April 23 when the funds recorded $75.94 million in net outflows, according to SoSo Value data. The April streak marked the second-longest since the ETFs launched, trailing only a June 2025 run.
On-chain indicators are pointing toward sustained buying pressure. Alphractal's Ethereum Smart Money Flow Index shows a 0.66 correlation between ETH price and institutional order flow. Binance's Cumulative Volume Delta hit 48,400, a positive reading that suggests buyers are stepping in at higher prices rather than selling into strength. CryptoQuant data shows the exchange's leverage ratio remains stable, indicating traders aren't overextending on margin bets.
Ethereum is on track for back-to-back monthly gains, the first such stretch since July and August 2025. The rally comes as altcoin momentum broadens beyond Bitcoin, which has traded sideways near $70,000 for most of April. Traders are now watching whether ETH can clear the $2,500 resistance level before testing the $3,200 target where $322 million in options interest is concentrated.
This article was written based on reporting from CryptoSlate.
