Ethereum is surged beyond the $3,000 mark for the first time since February, riding a new momentum to clean up the wider crypto market.
According to Encryption Data, ETH prices peaked at $3,033 over the past 24 hours amid a 9% increase. However, its value has been raised to just $2,991 at press time.
This milestone marked a new all-time high of over $118,000, following a bit of Bitcoin’s explosive rally, sparking renewed interest in risk-on digital assets.
This momentum has partially fueled Ethereum’s rise, but the second largest crypto is also supported by key on-chain development and investor activity.
What drives ETH price increases?
On-chain data reveals that the ETH reserve held in centralized exchange will drop to an all-time low of 18.59 million, reducing the available supply. At the same time, the stakes rose to a record high of 2991 million.
When combined, these trends indicate classic supply squeezes. There, increased circulation ETH and staking could potentially amplify upward price pressure.
Meanwhile, Ethereum continues to solidify its role in digital asset infrastructure. In the second quarter of 2025, Ethereum handled more than $4 trillion in Stablecoin transfers. This is the best ever on the network.
Additionally, there is growing institutional demand as Ethereum in tokenization, the Cryptocurrency and ETF flows help promote market trust.
With this in mind, Crypto analyst Pentoshi said:
“(eth) is still very early in this transaction. I don’t know if it will be today, tomorrow, or next month. But I think we’ll look back at what’s right in front of you, and I can’t believe it was so obvious.
In particular, Arthur Hayes, former CEO of BitMex, is also bullish about Ethereum’s future. Hayes predicts ETH will be better than Bitcoin in the coming months, suggesting that “Monster Alt Season” is on the horizon.
Does Ethereum Foundation sell ETH?
During the ETH rally, the crypto wallet linked to the Ethereum Foundation (EF) sparked controversy by selling ETH worth $3.5 million.
According to LookonChain, the wallet sold 1,210 ETH on July 10, running multiple transactions at an average price of $2,890 per ETH.
Meanwhile, Hsiao-Wei Wang, co-executive director of the Ethereum Foundation, revealed that the foundation is not selling.
Instead, the sale was made by Argot Collective, a non-profit development organization that is a spinoff of the Ethereum Foundation.