Ethereum (ETH), the world's second-most capitalized cryptocurrency, has once again been in the market spotlight amid a sharp rise.
During Monday's trading session, the price of ETH approached $3,700 per coin on the back of rising social sentiment and optimism among futures traders.
At the time of writing, the ETH/USD pair is trading at 3,698.66, up 8.23% in the past 24 hours. At the same time, the BTC/USD pair is up just 2.47% to 71,096.
The ETH price is now just 9% below its 2024 high of $4,070 and 24% below its 2021 record high of $4,878, according to Cointelegraph.
Lunar Crush analysts believe Ethereum's growth is primarily due to "super strong" social and market activity.
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"Social activity continues to accelerate, fueled by both strong price action and market volume," the analysts said.
In addition, data from blockchain analytics platform Spot On Chain showed that ETH miners have begun to actively buy up Ether despite the price increase.
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At the same time, the Ethereum derivatives market also indicates that the markets are optimistic about the further rise in the price of ETH.
According to Deribit, open interest in ETH currently stands at around $600 million at a strike price of $4,000 and just $378 million at a strike price of $3,700.
It's worth noting that the approval of Ethereum spot ETFs, which could have an impact on further price growth, remains in question.
According to leading crypto analyst Eric Balchunas, the chances of Ethereum ETF approval in May remain low.
Nate Geraci, the head of The ETF Store, reported on a meeting between companies that have filed for spot Ethereum ETFs and the US Securities and Exchange Commission to discuss the terms of the proposed offering. However, the meeting was inconclusive as it was "one-sided".
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Geraci expressed concern that the May 23 deadline for Ethereum ETF approval may not be realistic.
Read also: Charles Hoskinson spoke in favor of Cardano