Ether (ETH) price has rallied 108% to $2,800, targeting $4,00

Ether's price has rallied 108% to $2,800, hitting a new 14-week high. This significantly outperformed the broader cryptocurrency market, which rose by 49% during the same period.

Ether price has rallied 108% to $2,880 since April 9, significantly outperforming the broader cryptocurrency market, which rose by 49% during the same period.

This has led traders to speculate whether ETH price might also rally to new all-time highs.

Ether futures show ETH traders are bullish

ETH futures open interest (OI) (cash-margined) hit a new all-time high of over $20 billion on Thursday, up 155% since April 9, according to Glassnode.

The Futures OI Cash Margin Perpetual metric measures the total amount of funds (in USD value) allocated in open perpetual futures contracts that are collateralized with cash. It helps assess the market participation level and the amount of capital at risk in cash-margined perpetual futures.

Rising open interest indicates increased market participation and new money flowing into ETH futures contracts.

This influx suggests growing confidence among traders and investors, often a precursor to price gains as demand strengthens.

According to the on-chain analysis firm, traders are using stablecoins to gain exposure to ETH via futures contracts, reflecting a strategic shift to risk-on despite the price pullback from $2,800.

This comes as stablecoin market capitalization reached a new all-time high at $228 billion, up 17% year-to-date.

Stablecoins are booming again.Market cap hit a record $228B, up $33B (+17%) in 2025.Driven by rising trading activity, growing payment use, and clearer U.S. regulation under Trump. pic.twitter.com/76zKj49UWB

Ether gains on Bitcoin

ETH price has banded more than doubled since April 9, outperforming Bitcoin (BTC), whose price has risen by 44% vs the US dollar over the same period.

The ETH/BTC pair, or Ether’s value in Bitcoin, is also up nearly 50% since April 9, reaching a 14-week high of 0.02623 on Wednesday. ETH/BTC trades at around 0.02561 at the time of writing.

“$ETH continues to show strength as it’s up 50% against #Bitcoin since the low in April,” said MN Capital founder Michael van de Poppe in a Wednesday post on X.

Related: Bitcoin, ETH price coil after inflation cools and US-China tariffs roll back

According to the trader, the continuous strength of ETH suggests that the “bull market is finally starting.” He added:

This could be a pivotal moment in the cryptocurrency market as traders await the next move in Bitcoin and major altcoins.

The trader noted that if ETH price manages to break above the $2,800 resistance, it could continue rallying to his target of $4,000. A move above $4,000 could open the door for a rally to $4,200, which is the technical target of the cup-and-handle pattern.

However, if the price pulls back and breaks below the $2,000 support, it could continue falling to $1,400.

Don't miss a beat! Follow us on Telegram and Twitter.

Get an email alert from Cointelegraph when a relevant story is published.