Ethereum prices rose more than 9% on Tuesday as the broader market rose, fueled by renewed hopes that the US-Iran ceasefire will soon become more stable.
According to data from crypto.news, Ethereum ($ETH) Prices rose 9.2% on Tuesday to a 10-week high of $2,393, extending the gain from the month’s low to more than 17%.
Investor demand for risk assets increased after reports emerged that Iran may abandon its uranium enrichment program to secure a deal with the United States, putting more emphasis on the possibility of a cease-fire that has so far been highly unstable, and Ethereum prices rose on the heels of Bitcoin’s footprint and overall crypto market gains.
The largest altcoin by market capitalization has also benefited from aggressive purchases by Ethereum treasury company Bitmine.
In the past week, Bitmine gained an additional 71,524 $ETHthe total number held was 4,875,000. $ETHcorresponding to 4.04% of the total supply. Ethereum may be in the final stages of a mini-crypto winter, according to company chairman Tom Lee. This suggests the reason why the company strengthened its sales activities. $ETH Buying activity has increased over the past four weeks, helping to stabilize the asset’s price floor.
Additionally, $123.5 million worth of short positions were liquidated from the altcoin futures market. This happened when short sellers were caught off guard by the sudden rise in the altcoin’s price and were forced to buy back their assets to cover their losses.
On the daily chart, Ethereum price confirmed a breakout from the descending parallel channel pattern that has been forming since early August 2025. Typically, a decisive breakout from the pattern’s upper trendline leads to an upside equal to the height of the channel itself.
Such a move would put the breakout target at $3,400, an increase of nearly 42% from current price levels. The MACD line is sloping upward and above the zero line, indicating that bullish momentum is returning. Meanwhile, the supertrend indicator has remained green for nearly a month.
For now, $2,500 is the next psychological resistance to watch. Conversely, if the price drops below $2,100, it could indicate a return to the consolidation zone.
