The derivatives market activity for Ethereum (ETH) is indicating strong bullish sentiment for the cryptocurrency, with open interest and implied volatility increasing. This has led to a significant price rally for ETH, gaining over 6% in the past 24 hours. Analysts have noted a shift in favor of ETH over Bitcoin (BTC), with open interest on exchanges reaching all-time highs. This shift is reflected in increased implied volatility for ETH and a preference for upside risk. The bullish momentum for ETH has also spilled over to altcoins, particularly ERC20 tokens, with Pepe memecoin experiencing significant gains.



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