The US-Iran ceasefire has triggered a significant increase in Ethereum's price, with the top altcoin rising by 6% within 24 hours. According to CryptoQuant analysis, the surge was driven by increased derivatives demand, with open interest spiking $2.2 billion.
This marked Ethereum's largest single-day gain in over a month, and analysts suggest that traders are opening new long positions, indicating a bullish trend. The Taker Buy-Sell Ratio, which measures trading volume between buyers and sellers, also showed a sustained upward tilt, further supporting the bullish outlook.