Ethereum saw a significant surge in its price, climbing over 9% in just 24 hours and reaching its highest level in more than two months. Retail traders on Stocktwits are closely monitoring whether the leading altcoin can surpass the crucial $2,400 mark. This upward momentum in the cryptocurrency market took place following President Donald Trump’s announcement that Iran had reached out to the U.S. in hopes of establishing a peace deal.
Alongside Ethereum’s rise, Bitcoin also experienced a notable increase, gaining more than 5.5% to settle around $74,700. Bitcoin’s price briefly touched a four-week high of nearly $74,900 during early trade. The overall cryptocurrency market echoed this bullish sentiment, rising by 4.9% and surpassing the $2.6 trillion mark.
The bullish trend is supported by a backdrop of optimism regarding geopolitical stability, driven by Trump’s remarks about potential negotiations with Iran. He stated, “We’ve been called by the other side. They would like to make a deal very badly,” which stoked hopes for a resolution that may affect market sentiment positively.
In the past 24 hours, CoinGlass data revealed over $541 million in liquidations, with $442 million coming from short positions being unwound. Among the top 10 cryptocurrencies by market capitalization, Ethereum’s vigorous performance stood out as it outpaced Bitcoin.
Retail sentiment reflected this optimism on platforms like Stocktwits, where discussions around Bitcoin shifted from neutral to bullish. Meanwhile, Ethereum continued to maintain a bullish sentiment as retail traders anticipate a breakout above the $2,400 threshold. Crypto analyst Ted Pillows provided insights indicating that if Ethereum can close above this level, it might enter a “bull trap” between $2,500 and $2,600. “A rejection from this level will most likely confirm that this uptrend is over,” he cautioned.
Currently, Bitcoin’s price is still over 40% below its all-time high of more than $126,000, achieved in October, while Ethereum is over 50% away from its peak of nearly $5,000 reached in April last year. As retail traders and investors keep a close eye on these dynamics, the overall market looks poised for continued volatility and movement in response to both economic factors and individual cryptocurrency performance.
