Ethereum Targets $2,000 as It Recovers

Call options with a $100,000 strike price had the most open interest across all expiry dates, according to Coinglass and data from Deribit, the biggest crypto options exchange, indicating that demand for upward options has also soared in the market.

According to Chris Newhouse, director of research at the decentralized finance (DeFi) trading business Ergonia, "market sentiment has broadly shifted in favor of momentum-based trades fueled by spot demand," because BTC has broken levels not seen since early February.

According to Newhouse, Bitcoin's connection with macroeconomic fundamentals is complex and interdependent, with short-term momentum and spot demand also playing a role. He elaborated on this point when speaking to Bloomberg.

In contrast, Ethereum's steady rebound over the last week has helped it restore ground it lost in the first quarter of the year and solidify its position as a major player in the decentralized banking industry and smart contract platforms.

Enhancements to Ethereum's scalability, like as the update to Ethereum 2.0, have improved the platform's performance and increased its appeal to users and developers.

Nevertheless, the second-largest cryptocurrency has not been able to turn this into profits compared to its competitors this year, losing as much as 36% in the process.

In spite of this, ETH's price has surged 14% in the last week, reclaiming the $1,800 mark as a crucial support level that might lead to additional gains towards $2,000 in the near future.

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