- Ethereum Price Expectations: Increased Demand for Derivatives Boosted Ethereum Price After Ceasefire Between the US and Iran:

Ethereum Price Today: $2,230
Ethereum (ETH) has shown a significant improvement in its key indicators on the blockchain following the ceasefire announcement between the US and Iran on Tuesday, according to an analysis by Crypto Quant. The leading altcoin rose by 6% within 24 hours of the announcement, marking its biggest daily gain in over a month.

In a report released late Thursday, the cryptocurrency analysis firm highlighted that the dollar-denominated open trading volume for Ethereum had surged by $2.2 billion, approaching levels last seen nearly a month ago.

CryptoQuant analysts wrote: "Most importantly, the coin-denominated open interest has increased significantly [...] ruling out short position liquidations as the main driver and confirming that traders are opening new net long positions."

Ethereum open interest data. Source: Crypto Quant

The report also pointed to a continuous upward trend in the buy-sell ratio for Ethereum, indicating that buyers are dominating the altcoin’s perpetual futures market.

The "buy-sell ratio" index measures the trading volume difference between buyers and sellers in perpetual futures markets.

A similar stance was observed among Bitcoin (BTC) traders, suggesting they expect a steady improvement in macroeconomic conditions, "at least in the short term," the analysts wrote.

Buy-sell ratio between Ethereum and Bitcoin. Source: Crypto Quant

Meanwhile, Coinbase’s prominent Ethereum index turned upward, indicating increased US demand. The report stated: "If the ceasefire holds and no escalation news emerges over the next two weeks, Coinbase’s index could maintain its upward trend, supporting a bullish price trajectory."
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