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Ethereum ($ETH), the second largest cryptocurrency by market capitalization, hit $4,326 on Saturday, its highest since December 2021, in a four-day rally fueled by massive short liquidations.
Ethereum saw a breakout above $4,000 for the first time since December 2024 on Friday, which set the stage for a higher move.
The second-largest cryptocurrency was trading at $4,190 at press time, marking a 20% weekly gain. Taken from its April 9 low of $1,383 to Saturday's high of $4,326, the $ETH price is up nearly 213%, boosted by surging investor flows into Ethereum spot exchange-traded funds and growing demand from companies accumulating $ETH on their balance sheets.
More than $6.7 billion has poured into the nine U.S.-listed Ether spot ETFs year to date. At the same time, Ethereum-focused treasury firms have scooped up more than $12 billion in $ETH.
Ethereum's momentum also coincides with a broader rotation within digital assets, as institutional investors and developers look beyond Bitcoin amid increased adoption of stablecoins, tokenized real-world assets and smart-contract platforms, all of which run on the Ethereum blockchain.
Peter Brandt stunned by $ETH rally
Veteran trader Peter Brandt, who has often been an Ethereum critic, has reacted to the $ETH price move.
This is one of my favorite charts right now pic.twitter.com/nuUNRoEa8U
— Peter Brandt (@PeterLBrandt) August 9, 2025
Brandt previously confessed that he usually prefers not to say anything good about Ethereum, once calling it a "broken utility coin," and this attitude has earned him a reputation as an "$ETH hater" in the crypto community.
In a recent tweet, Brandt wrote, "This is one of my favorite charts right now," accompanied by the ETHUSD weekly chart, a statement that implies that the commodity trader might be softening his stance on $ETH.
Ethereum's latest gain might not come as too much of a surprise for the legendary trader: In May, Brandt pointed out a massive congestion zone on the monthly chart that could support a moonshot.