On April 14, Ethereum (ETH) rose to just a few dollars short of $2,400, pushing its price ratio against Bitcoin (BTC) to the highest level since January, according to data shared by on-chain analytics firm Santiment.
At the same time, rising whale accumulation and changing derivatives signals are pointing to growing tension between bullish momentum and heavy short positioning.
Ethereum Rally Lifts ETH/BTC Ratio
Santiment shared its observation in a post on X, saying ETH’s price dominance against BTC was “officially at its highest” point since late January and adding that funding rates were flashing “familiar $ETH greed signals.”
In another update, the firm noted that wallets holding at least 100,000 ETH had increased from 54 to 57, concluding that such growth often correlates with price increases and adding that there was still room for Ethereum to grow.
“There is strong justification that the #2 market cap can continue its rise,” Santiment wrote.
Indeed, data from CoinGecko shows ETH trading near $2,300 at the time of writing, after moving within a 24-hour range between $2,178 and $2,393, taking it to its highest point in ten weeks.
The current price is a nearly 9% jump in one day. Over a one-week period, the asset was similarly in the green, having posted an almost 13% uptick, the same as the returns across 30 days. Trading volume also jumped sharply, climbing by more than 120% since yesterday, which points to renewed market activity.
Meanwhile, institutional flows were positive for the third trading day running, with US Ethereum spot ETFs recording about $9.44 million in net inflows on April 13.
Traders Not Sure of Bullish Recovery
Despite the rally, data from analyst Darkfost suggested that the market is still not fully convinced. According to him, since Ethereum hit its February lows, investors have added approximately 350,000 ETH to open interest on Binance, with the exchange now accounting for about 37% of total market share, whose notional value stands at more than $1 billion.
Interestingly, with ETH up 35% from the lows we saw in February, funding rates on Binance have been negative. Darkfost says this is because most of the traders on the platform were shorting the market in anticipation of a correction, which the analyst surmised was a sign that “they do not believe in a potential bullish recovery.”
However, funding rates now appear to be turning positive again, currently around +0.01%, according to Darkfost. If the switch persists, the derivatives market could support even more upward movement, making conditions rather difficult for late short sellers.
Elsewhere, trader Ted Pillows noted that $2,400 represents a key resistance level. “A daily close above the $2,400 level means Ethereum will form a bull trap around the $2,500-$2,600 level,” he explained, adding that a rejection from the zone will most likely confirm the uptrend’s end.
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