Ethereum’s price surged to nearly $2,400, marking its highest ratio against Bitcoin since January. On-chain data shows large wallet accumulation growing, but derivatives markets indicate traders have been heavily shorting the rally, creating tension between bullish momentum and bearish bets.
Ethereum climbed to just shy of $2,400 on April 14, pushing its price dominance against Bitcoin to the highest point since late January. At the same time, wallets holding at least 100,000 ETH increased from 54 to 57, a growth pattern often correlated with price increases.
The asset posted a nearly 9% gain in one day and a 13% increase over the past week. Institutional flows were positive for a third consecutive day, with U.S. spot Ethereum ETFs recording approximately $9.44 million in net inflows.
Despite the rally, funding rates on Binance stayed negative even as ETH rose 35% from its February lows. An analyst suggested this showed traders were positioning for a correction and did not believe in a bullish recovery.
Funding rates have since turned slightly positive, which could support further upward movement. A trader noted that $2,400 represents a key resistance level, with a daily close above it being critical for the trend.
