Ethereum's Bullish Momentum: Traders Eye $3,200 Amid ETF Inflows
By John Nada·Apr 25, 2026·4 min read
Ethereum is rebounding with renewed bullish bets as traders target $3,200. ETF inflows and improving demand signal a potential shift back to institutional interest.
Ethereum is experiencing a resurgence as traders rebuild bullish positions in the second-largest cryptocurrency. Renewed demand for upside bets in the derivatives markets has emerged, with Ethereum gaining about 11% this month after a four-week stretch of gains, marking its longest rally in nearly a year.
The recent uptrend has pushed ETH to around $2,330, its highest price level since February, and sets the stage for its first consecutive monthly advance since mid-2025. This movement has shifted market focus back to the $3,000 level after a period of weaker performance compared to Bitcoin.
At Deribit, the largest crypto options exchange, open interest in Ethereum call options has surged around the $3,200 strike, with over $322 million in outstanding contracts. The $2,500 strike follows closely with approximately $320 million in open interest. This concentration indicates that traders are positioning for a significant price move beyond the current recovery range, although not all positions necessarily reflect straightforward bullish bets.
In addition to options activity, Ethereum exchange-traded funds (ETFs) have shown one of the strongest demand signals ahead of the recent rally. Data from SoSo Value indicates that 10 Ethereum spot ETFs attracted over $633 million during a 10-day inflow streak from April 9 to April 22, the longest of the year and since June 2025. However, the streak ended on April 23 with $75.94 million in net outflows, marking the first negative session since early April. This outflow tempers the view that institutional investors are consistently returning to Ethereum after focusing on Bitcoin.
Alphractal’s Ethereum Smart Money Flow Index corroborates the trend, indicating improving fund demand before the price recovery became evident. Despite the recent inflow streak, the market has not yet demonstrated the ETF-led consistency observed in Bitcoin during stronger rallies. The fund-flow picture for Ethereum is improving, but it remains insufficient to independently drive market momentum.
Binance order-flow data further supports a gradual improvement in demand rather than aggressive accumulation. According to CryptoQuant, Binance’s Cumulative Volume Delta (CVD) recently recorded a positive reading of about 48,400, which suggests increasing buy orders compared to sell orders. This indicates that Ethereum's rise is not solely due to speculative leverage but reflects genuine buyer interest, helping stabilize the asset after earlier declines.
The correlation between ETH's price and order flow has strengthened, with a coefficient of 0.66 indicating a moderately strong relationship. However, the overall signal remains cautious as ETH continues to trade below prior highs. The CVD reading does not suggest the kind of forceful accumulation typically associated with confirmed breakouts, indicating a rebalancing phase after a weaker stretch.
For Ethereum to sustain its upward trajectory, improvements in order flow must continue. A stronger CVD reading would support the notion that spot buyers are validating the bullish sentiment evident in options and ETF activity. Conversely, a stall in these trends could expose the rally to speculative forces.
Nonetheless, a rising leverage ratio indicates a potential risk underlying the current ETH rally. As per CryptoQuant data, Binance's leverage ratio has climbed above the price for the first time in months, suggesting that traders are adding borrowed exposure faster than investors are buying ETH outright. While this could support rapid gains during favorable market conditions, it also raises the risk of forced selling if the price reverses, given that leveraged positions are sensitive to adverse movements.
Despite these risks, Ethereum shows signs of recovery with four consecutive weekly gains, targeted higher strikes in options, a significant ETF inflow streak, and a favorable CVD. However, these indicators are not advancing at the same pace. A move towards the $3,200 target will require tighter alignment among spot buyers, stabilizing ETF flows, and a halt to the rising leverage that could amplify losses in the event of a breakout failure.