Ethereum breaks 22-month record crossing $3000 amid positive market speculations
Observers have tied Ethereum price increase to the ETF approval speculations and anticipations surrounding the Dencun upgrade.
Ethereum’s price soared to a noteworthy milestone in the past day, briefly crossing the $3,000 mark for the first time in 22 months.
During this period, ETH’s price peaked at approximately $3,025, marking a remarkable 27% surge over the last 30 days. However, its value has retraced slightly to around $2,920 as of press time, experiencing a 3.5% dip, according to CryptoSlate’s data.
Why did ETH rise?
ETH’s recent price surge is widely attributed to speculation surrounding the potential approval of a spot Ethereum exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) in May.
Standard Chartered, a British multinational bank, predicted a favorable outcome for a spot ETH ETF approval. Key figures at crypto asset management firms, such as Bitwise, Grayscale, and Galaxy Digital, estimated a 50% likelihood of approval for these pending spot Ethereum ETF applications.
Meanwhile, applicants like VanEck, Ark Invest, and 21Shares are adjusting their applications to align with the SEC’s criteria for approving a Bitc oin ETF.
Furthermore, market sentiment has been buoyed by the upcoming Dencun upgrade . This upgrade will introduce features like proto-danksharding and fee reductions. In addition, the upgrade will help enhance Ethereum’s network performance, reduce transaction costs, and improve ecosystem interoperability.
The broader market sees red.
The broader crypto market experienced a decline during the reporting period, with the global crypto market capitalization dropping by 0.32% to $1.96 trillion.
Bitcoin surged to a new yearly peak just below $53,000 but swiftly dropped to $51,268 as of press time, according to CryptoSlate’s data.
Large-cap digital assets like Solana, Avalanche , Cardano , and Ripple’s XRP saw losses exceeding 3%. However, Binance-backed BNB coin and Tron’s TRX token bucked the trend, registering gains of under 3%.
These price movements triggered significant liquidations, totaling over $291 million from more than 92,000 traders, per Coinglass data .
Crypto market Liquidation. (Source: Coinglass)
Bitcoin led the liquidation figures with a total loss of $75 million. Long Bitcoin traders accounted for $42 million in losses, while short traders lost $28.46 million. Ethereum followed closely, contributing $59.1 million to the overall liquidation, with short traders bearing the brunt of the losses.
Mentioned in this article
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
This Week's Preview: Macro "Flood Release" Week—Delayed CPI and the Bank of Japan's "Rate Hike Pursuit"
Key global market data will be released this week, including the U.S. non-farm payroll report, CPI inflation data, and the Bank of Japan's interest rate decision, all of which will significantly impact market liquidity. Bitcoin prices are fluctuating due to macroeconomic factors, while institutions such as Coinbase and HashKey are striving to break through via innovation and public listings. Summary generated by Mars AI This summary was generated by the Mars AI model. Its accuracy and completeness are still being iteratively improved.

Weekly Hot Picks: The Fed Cuts Rates and Indirectly "Injects Liquidity"! Silver Replaces Gold as the New Favorite?
The Federal Reserve is cutting interest rates and starting bond purchases, while Japan and other regions may turn to rate hikes. Silver repeatedly hits record highs, SpaceX is set for a 1.5 trillion IPO, and Oracle becomes the litmus test for the AI bubble. The Russia-Ukraine peace process is stuck on territorial issues, the US seizes a Venezuelan oil tanker... What exciting market events did you miss this week?

Key Highlights to Watch at Solana Breakpoint 2025
How does Solana seize market share in an increasingly competitive landscape?

Crucial Alert: ZRO Leads This Week’s $100M+ Token Unlocks – What Investors Must Know
