Bitcoin is doing well, but today it is mainly Ethereum that is doing the talking. The Ethereum price has risen by 8.82 percent over the past 24 hours and stands at $3,715 at the time of writing.

What’s going on with the number two in the market? Could this perhaps be the moment that Ethereum breaks loose and we get a so-called “altseason”?

Ethereum breaks out

The current price is the highest since March 16 and we are 9 percent away from the 2024 record price of $ 4,070. At $4,878, the all-time high is still approximately 24 percent away from the Ethereum price of $3,715.

What is striking is that the Bitcoin price over the past 24 hours only managed to get 3 percent. Normally that is of course a good score, but this could signal a temporary changing of the guard.

Bitcoin has performed extremely well compared to Ethereum in the recent period. This created a lot of confidence among the so-called Bitcoin Maximalists and of course also provided a reason to trade on Ethereum.

This was done extensively and in the past it was often a sign that a trend reversal was in sight. That could just happen again.

Why is Ethereum soaring?

If we can believe social intelligence firm Lunar Crush, Ethereum’s momentum can be attributed to several causes. In part due to the “ultra-strong” social and market activity for the currency.

“Social activity continues to accelerate along with strong price action and volume on Ethereum,” it said wrote Lunar Crush op Twitter.

Meanwhile, the derivatives market also appears to be hinting at a bullish remainder of April. Currently, there is approximately $600 million in open interest (OI) at the $4,000 price and $378 million at the $3,700 and $5,000 prices, Deribit data shows.

Not everything seems bullish at the moment. The American tax season reaches its climax on April 15. This means that liquidity (capital) disappears from the financial system and that is usually a bad sign for the financial market.

So the second half of April could be tough for Bitcoin, Ethereum and the rest of the market.

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