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- Ethereum’s price rose 6% to above $2,800, driven by Bitcoin’s rally to $112,000 and optimism around $ETH whale activity.
- The gains came as over $500 million in leveraged positions, including $139 million in $ETH, were liquidated.
- Institutional interest and increased buying could drive Ethereum’s price higher.
Ethereum ($ETH) rose a decent 6% in 24 hours to reach highs above $2,800, with the top altcoin buoyed by a broader market rally.
This is after Bitcoin ($BTC) soared to a new all-time high above $112,000.
However, the sharp price movements triggered widespread liquidations, with over $500 million in leveraged positions wiped out across major exchanges.
Most of these were shorts, with cryptocurrencies rising alongside stocks on Wednesday.
Ethereum hits $2,800 as crypto sees market momentum
Ethereum’s climb to $2,821 in early trading on Thursday came as Bitcoin’s breakout above $112k lifted the broader digital assets space.
It’s this bullish sentiment that has $ETH price up more than 6% and on the cusp of a breakout above $3,000.
According to data from CoinGecko, Ethereum’s trading volume spiked by 69% to over $29.8 billion, reflecting heightened market activity.
Apart from a broader market upswing, $ETH is benefiting from regulatory developments and the anticipation of what is next for the top altcoin.
Whales and institutions are aggressively buying $ETH, with Abraxas Capital withdrawing 29,741 $ETH worth $81 million from crypto exchanges Binance and Kraken.
Lookonchain shows the transactions occurred within the last 12 hours.
Another wallet withdrew over 25k $ETH tokens worth over $70 million from Kraken.
Notably, SharpLink Gaming, a company that holds over 205,634 $ETH worth over $575 million, added to its haul with another 5,072 $ETH worth over $13.5 million.
Ethereum broke back above $2,800 today!
In the past 24 hours, 7 whales/institutions have bought 127,971 $ETH($358M).
Newly created wallet 0x35fb withdrew 54,125 $ETH($151M) from #Kraken in the past 16 hours.https://t.co/5e6AQjMOwt
Abraxas Capital withdrew 40,986 $ETH($114M)… pic.twitter.com/0pmcvZxK7S
— Lookonchain (@lookonchain) July 10, 2025
Over $500 million in liquidation signals market volatility
As Bitcoin and Ethereum rallied, the broader crypto market experienced over $500 million in liquidations, largely impacting leveraged traders who were caught off guard by the sharp price moves.
Data from Coinglass shows that total liquidations surged 285% in the past 24 hours, reaching over $538 million.
The bulk of the losses came from short positions, as traders betting against the market’s upward momentum faced significant losses.
Ethereum alone accounted for $156 million in liquidations, with $139 million of that tied to short positions, according to Coinglass.
Gambler @qwatio's $BTC and $ETH shorts got hit with a series of liquidations.
His account went down from $16.28M to only $67K, losing over $16.2M!https://t.co/34UTpSsFHK pic.twitter.com/umWNN9cFtt
— Lookonchain (@lookonchain) July 10, 2025
Despite the liquidations, market sentiment remains cautiously optimistic, with institutional inflows into crypto exchange-traded funds (ETFs) and stablecoin reserves signaling sustained demand.
As Bitcoin continues to set new benchmarks, Ethereum’s role as a foundational blockchain for decentralized applications ensures its relevance in the evolving crypto landscape.
Currently, the Ethereum price has a key support zone near $2,500.
Meanwhile, a symmetrical triangle pattern suggests upward potential and is eyeing the $2,850 resistance.
If price breaks above $3k, it could target the $4k and all-time high levels.