Ethereum traders are rebuilding bullish exposure to the second-largest cryptocurrency, with derivatives markets showing renewed demand for upside bets.
According to CryptoSlate According to the data, ETH has gained around 11% this month on a four-week winning streak, the longest in almost a year.
This uptrend has pushed ETH to around $2,330, its highest price level since February, and puts it on track for its first consecutive monthly advance since July and August 2025.
As a result, ETH’s price performance has brought 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 site, has become the clearest expression of the bullish trading recovery.
Data from the trading platform shows that open interest in ETH call options has built up around the $3,200 strike price, with over $322 million worth of contracts outstanding. The $2,500 exercise option follows closely behind with approximately $320 million in open interest.
Call options give traders the right to purchase an asset at a fixed price. They generally gain value as the underlying token approaches the strike price.
In the case of ETH, the concentration around $2,500 and $3,200 shows that traders are once again positioning themselves to move beyond the current recovery range.
At the same time, the large open interest does not mean that every position is a straight bullish bet. Options activity may include hedging, spread trading, volatility strategies and exposure to market makers.
ETH ETF Flows Record Longest Inflow Streak This Year
Ethereum spot exchange-traded funds (ETFs) in the United States recently issued one of the strongest demand signals before the rally, which subsequently stalled.
Data from SoSo Value showed that the 10 funds attracted more than $633 million during a 10-day inflow streak that began April 9 and ended April 22. This is their longest streak of entries this year and their longest since June 2025.
However, the current streak of inflows ended on April 23, when funds recorded $75.94 million in net outflows, marking their first negative session since early April.
Still, the inflow sequence helps support the idea that regulated investors were returning to exposure to Ethereum after months in which Bitcoin attracted the largest institutional supply. ETF flows are closely watched because they show demand through spot products rather than leveraged positions on derivatives platforms.
Data from Alphractal corroborated the trend and highlighted that its Ethereum Smart Money Flow Index, a proprietary measure of ETH institutional activity, also showed positive divergence from price for several weeks.
This suggests that demand for funds had improved before the recovery became more visible in spot prices.
However, the latest releases temper this reading as they show that Ethereum has yet to show the same ETF-led consistency that has supported Bitcoin during stronger rallies.
For ETH, the fund flow situation is improving, but it is not yet strong enough to support the market on its own.
Buyers are gradually returning to the market
In addition to sustained ETF inflows, Binance order flow data also indicates gradual improvement in demand rather than aggressive accumulation.
Data from CryptoQuant shows that the exchange’s cumulative volume delta (CVD) recently recorded a positive reading of around 48,400. CVD tracks the net difference between buying and selling volume. A positive reading means that buy orders exceed sell orders.
This suggests that ETH is not only rising due to increased speculative leverage, but also because buyers have returned to the market, which has helped the token stabilize after earlier declines.
At the same time, the relationship between ETH price and order flow has also strengthened. The correlation coefficient was 0.66, indicating a moderately strong relationship between purchasing activity and price changes.
However, the signal remains measured as ETH is still trading below previous highs and the CVD reading does not show the type of forced one-off accumulation typically associated with a confirmed breakout. Instead, it indicates a rebalancing phase after a weaker period.
This leaves a sustained uptrend in ETH dependent on whether order flow continues to improve.
A higher CVD value would support the hypothesis that spot buyers are validating the movement indicated in options and ETFs. A stall would leave the rally more exposed to speculative positioning.
ETH Leverage Increases
Despite these bullish metrics, CryptoQuant data from Binance shows the main source of risk behind ETH’s rally.
The stock market’s leverage ratio rose above price for the first time in months. When leverage increases faster than spot price gains, it indicates that traders are adding borrowed exposure faster than investors are purchasing the token directly.
This pattern can appear during early rallies, when traders attempt to position themselves ahead of a breakout before spot flows fully confirm the move.
In particular, this can allow for quick gains as long as market conditions remain favorable. This can also increase the risk of forced selling if the price reverses.
However, leveraged positions are more susceptible to adverse movements. If ETH fails to hold recent gains, long positions may be liquidated, adding downward selling pressure.
This leverage signal is opposed to a set of more constructive indicators. Ethereum has posted four consecutive weekly gains, Deribit traders are aiming for higher strikes, ETFs recently posted a 10-day entry streak, and CVD shows buy orders outpacing sell orders.
The risk, however, is that these signals do not evolve at the same speed.
Indeed, the evolution of ETH towards $3,200 would require these gaps to be reduced. Cash buyers should continue to absorb supply, ETF flows should stabilize, and leverage should stop rising faster than prices.
Without this confirmation, the same exposure to derivatives supporting the rebound could amplify losses in the event of a failed breakout.
