news.bitcoin.com
Ethereum’s ( $ETH) price climbed past the $4,600 mark Tuesday, hitting an intraday peak of $4,629 per token on Deribit. Over the last 24 hours, ether gained 8% against the U.S. dollar and is up nearly 28% for the week.
$ETH Blazes to $4.6K, Just 7% Away From Historic High
The rally shows no sign of slowing. Since Jan. 1, 2025, bitcoin ($BTC) has advanced more than 28%, while ethereum has notched more than a 38% gain in the same period. At press time at 4:22 p.m. Eastern time, on centralized exchange Deribit, ether was trading at $4,604, giving the asset a $549 billion market valuation. It’s now within striking distance of its Nov. 10, 2021, record high of $4,878—less than 7% away from reclaiming that milestone.
From Sept. 10, 2022, when $ETH was valued at 0.082 $BTC, its price tumbled to 0.019 $BTC by April 19, 2025. Since that low, though, it has rebounded sharply, doubling to 0.038 $BTC. During the slump, ethereum faced stiff competition from networks such as Solana, while even bitcoin began encroaching on $ETH-led sectors like non-fungible tokens (NFTs) and decentralized finance (DeFi).
Now, ethereum is starting to chip away at bitcoin’s lead in exchange-traded fund (ETF) inflows and corporate treasury holdings. With Tuesday’s price climb, $ETH saw roughly $144.55 million in liquidations, including $107.19 million from ether short positions alone. By 4:22 p.m. Eastern time, $ETH topped the day’s $375.74 million total in liquidations. On X, a growing chorus of users is predicting ethereum will push much higher.
“Ethereum ETFs just pulled in a whopping $5.39 billion in July! With the SEC’s green light on in-kind creations and redemptions, $ETH is gearing up to hit $6K. Bitcoin, you’ve been warned,” one X user declared Monday. Another chimed in, “ $ETH is poised to hit $6K–$7K faster than most anticipate.” Overall sentiment toward ethereum remains bullish, fueled by factors such as ETFs, growing institutional adoption, and key technical breakouts. Many believe a price between $6,000 and $10,000 per $ETH is within reach.