Bitcoin is often led by price movements in the cryptocurrency market. However, all eyes are on Ethereum today. Ethereum (ETH), which opened the day at $ 142, managed to exceed $ 165 by leaping 15%. At the time of writing this news, the price of crypto money is $ 163.62.

The point reached is the highest price that ETH has been trading since March. ETH, which collapsed to $ 90, is 86% more valuable than that day.

According to data from derivative follower Skew.com, this explosive move liquidated a short position worth $ 1.6 million in BitMEX. Thousands more dollars of liquidation are reported every minute.

Although $ 1.6 million doesn't sound great, it represents a good portion of the Ethereum market on the stock market.

Many people are wondering what is behind this trend as ETH performs much better than Bitcoin. The data point to some common reasons.

Why did Ethereum (ETH) rise?

Ethereum's explosive movement can be attributed to a number of market trends:

1- Investors are losing ETH
According to Skew.com data, US interest rates for Ethereum contracts have increased from $ 43 million to $ 67 million since the beginning of the day. This shows that investors have begun to open lon positions in response to the movement and further increase the price.

2- Ethereum catches up with Bitcoin
During the collapse on March 12, Ethereum fell more than 50% from $ 200 to $ 89 in 24 hours. In the last rally, ETH is expected to catch Bitcoin by wrapping the wounds of the collapse on March 12.

3- There is an important technical analysis factor
Ethereum broke from the increasing triangle model. The famous cryptocurrency analyst Josh Olszewicz, who defined this pattern, announced that the last boom gave ETH a $ 200 target that could be seen in the next two days.