Ethereum’s price jumped over 9% in Tuesday’s market amid renewed hope for a U.S. – Iran ceasefire that is more stable.
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- Ethereum increased over 9% in the last 10 weeks to $2,393, mainly due to improved risk sentiment based on a possible U.S. Iran ceasefire.
- The rally was supported by strong institutional demand including Bitmine’s continuing ETH accumulation as well as $123.5M of short liquidations and Bitmine’s continued ETH acquisition.
- Breakout from the descending channel could signal a move towards $3,400. The next major resistance is $2,500.
According to crypto.news data, Ethereum (ETH) price rose 9.2% to a 10-week high of $2,393 on Tuesday, extending its gains to over 17% from its lowest point in a monthly period.
Ethereum prices rose in line with Bitcoin, and a rally was seen across the whole crypto market. Investor demand for risky assets grew after reports The report revealed that Iran may give up its plans to enrich uranium in exchange for an agreement with the U.S..
It is also the largest altcoin in terms of market capitalization. aggressive buying Bitmine is the Ethereum Treasury Company.
Bitmine added another 71 524 ETH to its holdings over the past seven days, bringing the total amount of ETH it holds up to 4.875 millions, or 4.04%, the supply. Tom Lee, the chairman of Bitmine, believes that Ethereum is likely in its final stages. The company’s increased ETH purchases over the last 4 weeks may be the reason for this. It has helped stabilize the asset price.
Also, there are over $123.5 million worth Short positions have been liquidated on the futures markets for altcoins. The sudden rise in altcoin price caught the short-sellers off guard and forced them to purchase the asset back to recover their losses.
Ethereum has shown a confirmation of breaking through a pattern of parallel channels that have been developing since August 20, 2025. A decisive break out from the upper trendline leads to an upward movement equal to the length of the pattern.
A breakout at this level would be $3,400. This is a 42% increase from current prices. MACD has moved up and above zero, which is a signal that the bullish trend will return. Supertrend indicator was green for over a month.
Currently, the psychological barrier of $2,500 is the one to be on guard for. If its price drops below $2100, this could indicate a return into the consolidation area.
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Source: crypto.news
