- Ethereum price climbed 6% to above $2,800, driven by Bitcoin’s surge to $112,000 and renewed whale activity around ETH.
- Gains followed the liquidation of more than $500 million in leveraged positions, including $139 million in ETH.
- Institutional interest and increased buying could push Ethereum’s price higher.
Ethereum (ETH) rose a solid 6% over 24 hours, reaching highs above $2,800 as the leading altcoin rode a broader market rally.
This move came after Bitcoin (BTC) surged to a new all-time high above $112,000.
However, the sharp price moves triggered widespread liquidations, with more than $500 million in leveraged positions wiped out across major exchanges.
Most of the liquidations were short positions, as cryptocurrencies climbed alongside stocks on Wednesday.
Ethereum hits $2,800 as crypto markets gain momentum
Ethereum climbed to $2,821 in early trading Thursday as Bitcoin’s breakout past $112,000 boosted the broader digital asset space.
That bullish sentiment helped push ETH up more than 6%, putting it on the verge of testing $3,000.
According to CoinGecko, Ethereum’s trading volume jumped 69% to over $29.8 billion, reflecting heightened market activity.
Beyond the general market upswing, ETH is benefiting from regulatory shifts and growing anticipation about the next phase for the leading altcoin.
Whales and institutions have been aggressively accumulating ETH. Abraxas Capital reportedly withdrew 29,741 ETH, worth about $81 million, from exchanges Binance and Kraken.
On-chain tracker Lookonchain noted these transfers occurred within the past 12 hours.
Another wallet withdrew more than 25,000 ETH from Kraken, valued at over $70 million.
Notably, SharpLink Gaming — which holds more than 205,634 ETH (worth over $575 million) — added another 5,072 ETH (about $13.5 million) to its holdings.
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 liquidations highlights market volatility
As Bitcoin and Ethereum rallied, the wider crypto market endured more than $500 million in liquidations, disproportionately impacting leveraged traders caught off guard by the rapid moves.
Coinglass data shows total liquidations increased 285% in the past 24 hours, topping $538 million.
The bulk of the losses came from short positions, as traders betting against the rally were forced out at a loss.
Coinglass reports that Ethereum alone saw $156 million in liquidations, with $139 million attributable to shorts.
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. Inflows from institutions into crypto ETFs and rising stablecoin reserves point to sustained demand.
With Bitcoin continuing to set new benchmarks, Ethereum’s role as a foundational blockchain for decentralized applications maintains its importance in the evolving crypto landscape.
Technically, ETH finds key support near $2,500.
Meanwhile, a symmetrical triangle pattern suggests further upside potential, with initial resistance around $2,850.
If ETH breaks above $3,000, it could target $4,000 and potentially revisit all-time highs.