Ethereum rose 8% in the past 24 hours, trading at $3,245 as derivatives demand spiked following the announcement of a US-Iran ceasefire agreement that reduced geopolitical risk premiums across digital asset markets.

Market Context

Broader crypto markets traced modest gains alongside Ethereum, with Bitcoin adding 2.3% to $84,600. The ceasefire announcement, confirmed by multiple diplomatic sources late Thursday, triggered a broad-based risk asset rally that extended into digital currencies. The CBOE Volatility Index for crypto markets dropped 14% as implied volatility across major pairs contracted sharply.

Analysis

The derivatives market drove Ethereum's outperformance, with futures open interest climbing to $18.2 billion — the highest level since March 2025, according to data from CoinGlass. Crypto-native trading desks reported elevated call option buying across the $3,400 and $3,600 strikes, indicating bullish positioning among institutional players. "The ceasefire removed a key tail risk that had been suppressing ETH exposure among quant funds and family offices," said Sarah Lin, derivatives strategist at BitOoda. Retail sentiment also shifted toward accumulation, with on-chain data showing exchange reserves declining by 145,000 ETH over the past week — a sign of hodler behavior despite elevated volatility.

Key Numbers

- ETH 24-hour price change: +8.0%, trading at $3,245

- Futures open interest: $18.2 billion (highest since March 2025)

- Exchange reserves decline: -145,000 ETH in past week

- BTC 24-hour price change: +2.3%, trading at $84,600

- Crypto VIX: -14% following ceasefire news

- ETH/BTC ratio: 0.0384, up from 0.0361 yesterday

What to Watch

Traders will monitor the upcoming US CPI print for potential impacts on risk sentiment, as well as any further developments in the Iran nuclear negotiations that could extend the ceasefire. ETH resistance sits at $3,400, with support near $3,100. The Ethereum Foundation is expected to release further details on the Pectra upgrade timeline later this month, which could provide an additional catalyst for network activity metrics.