- Ethereum prices rose 6% to over $2,800, while Bitcoin’s rally went to $112,000, and there was optimism about the ETH whale activity.
- The profit was more than $500 million in leveraged positions, including the liquidation of the $139 million ETH.
- Increased institutional interest and purchases could potentially increase Ethereum prices.
Ethereum (Eth) rose 6% in 24 hours to a high of over $2,800, with the wider market rally being supported by top Altcoin.
This comes after Bitcoin (BTC) surged to a new all-time high of over $112,000.
However, sharp price movements have led to widespread liquidation, with leveraged positions of over $500 million being wiped out in major exchanges.
Most of these were shorts, with cryptocurrency rising along with stocks on Wednesday.
Ethereum hits $2,800 as Crypto sees the market momentum
Ethereum rose to $2,821 in early trading on Thursday. Bitcoin breakout of over $112,000 has lifted the wider digital asset space.
This bullish sentiment is on the breakout cusp of over $3,000, as ETH prices rose more than 6%.
According to Coingecko data, Ethereum’s trading volume rose 69% to over $29.8 billion, reflecting a growing market activity.
Apart from wider market rise, ETH benefits from the development of regulations and the forecast for what’s next for top Altcoin.
Whales and agencies are actively purchasing ETH, and Abraxas Capital is pulling 29,741 ETH, worth $81 million, from Crypto Exchanges Binance and Kraken.
LookonChain indicates that a transaction has occurred within the last 12 hours.
Another wallet has withdrawn from Kraken’s over 25k ETKENS, worth more than $70 million.
In particular, Sharplink Gaming, which owns over 205,634 ETHs, exceeding $575 million, has been added with an additional 5,072 ETHs, exceeding $13.5 million.
Ethereum broke over $2,800 today!
In the last 24 hours, seven whales/facility purchased $127,971 ETH ($358m).
The newly created wallet 0x35FB has withdrawn 54,125$ETH ($151mm) from #Kraken in the last 16 hours. https://t.co/5e6aqjmowt
Abraxas Capital withdraws $40,986 ETH ($114M)…pic.twitter.com/0pmcvzxk7s
– lookonchain (@lookonchain) July 10, 2025
Volatility in the liquidation signal market of over $500 million
As Bitcoin and Ethereum recovered, the broader crypto market experienced more than $500 million liquidation, significantly affecting leveraged traders caught off guard by sharp price movements.
Coinglass data shows total liquidation has skyrocketed by 285% over the last 24 hours to more than $538 million.
The majority of the losses came from short positions as traders who were opposed to the market’s upward momentum faced significant losses.
According to Coinglas, Ethereum alone accounts for a $156 million liquidation, with $139 million tied to a short position.
Gambler @Qwatio’s $BTC and $ETH shorts were hits in a series of liquidations.
His account fell from $16.28m to just $67,000, losing more than $16.2 million!
– lookonchain (@lookonchain) July 10, 2025
Despite liquidation, market sentiment remains cautiously optimistic, with institutional influx filling the sustained demand for Crypto-exchange Trade Funds (ETFs) and Stablecoin reserves.
As Bitcoin continues to set new benchmarks, Ethereum’s role as the underlying blockchain for decentralized applications guarantees relevance in the evolving crypto landscape.
Currently, Ethereum prices include a major support zone of nearly $2,500.
Meanwhile, the symmetrical triangle pattern suggests an upward potential, focusing on a $2,850 resistance.
If the price exceeds $3K, it could target $4K and the highest level ever.
