The price of Ethereum rose more than 9% on Tuesday amid a broader market rally fueled by renewed hopes for a more stable ceasefire between the United States and Iran soon.
summary
- Ethereum rose more than 9% to a 10-week high of $2,393, driven by improving risk sentiment linked to a potential ceasefire between the United States and Iran.
- The rally was supported by strong institutional demand, including Bitmine’s continued accumulation of ETH and $123.5 million in short liquidations.
- A breakout from the down channel indicates a potential move towards $3,400, with $2,500 as the next major resistance level.
According to data from crypto.news, Ethereum (Ethereum) The price rose 9.2% to a 10-week high of $2,393 on Tuesday, extending gains to more than 17% from its lowest point in a monthly period.
Ethereum price rebounded higher following Bitcoin’s lead and rising across the entire cryptocurrency market as investor demand for risky assets increased after… Reports He revealed that Iran is likely to abandon its plans to enrich uranium to secure a deal with the United States, increasing the importance of a potential ceasefire that was previously very fragile.
The largest altcoin by market cap also benefited Aggressive buying By Ethereum treasury company Bitmine.
Over the past week, Bitmine acquired another 71,524 ETH, bringing its total holding to 4.875 million ETH, representing 4.04% of the total supply. According to the company’s president, Tom Lee, Ethereum is likely in the final stages of a mini crypto winter. This indicates why the company has ramped up ETH buying activity over the past four weeks and helped stabilize the lower price of the asset.
Moreover, it is over With a value of $123.5 million Short positions have been liquidated from the altcoin futures market. This came as a sudden rise in the altcoin’s price caught short sellers by surprise, forcing them to buy back the asset to cover their losses.
On the daily chart, Ethereum price has confirmed an exit from a bearish parallel channel pattern that has been forming since early August 2025. A decisive breakout from the upper trend line of the pattern usually results in an uptrend equal to the height of the channel itself.
Such a move would put the breakout target at $3,400, roughly 42% above the current price level. The MACD lines pointed upward and moved above the zero line, which is a signal that bullish momentum is returning. Meanwhile, the super trend indicator has remained green for about a month.
For now, the $2,500 level remains the next major psychological resistance to watch. Conversely, if its price falls below $2,100, it could indicate a return to the consolidation zone.
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