Ethereum Price Surges on US-Iran Ceasefire Announcement

Ethereum's price has seen a notable surge following the US-Iran ceasefire announcement, increasing by roughly 6% in 24 hours. This significant gain brings Ethereum's price closer to its all-time high, but it still remains below that mark.

According to CryptoQuant, USD-denominated open interest for ETH jumped by $2.2 billion following the ceasefire news. This increase brings open interest close to levels last seen nearly a month ago. Analysts confirm that coin-denominated open interest also rose, ruling out short liquidations as the main driver and showing traders opening new long positions.

The Ethereum Taker Buy-Sell Ratio has also tilted upward, indicating that buyers are leading activity in ETH perpetual futures. This trend is similar to what was seen in Bitcoin futures, suggesting traders expect short-term macro improvement.