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Ethereum (ETH), the second largest cryptocurrency by market capitalization, hit $4,326 on Saturday, its highest since December 2021, in a four-day rally fueled by massive short liquidations.
Ethereum saw a breakout above $4,000 for the first time since December 2024 on Friday, which set the stage for a higher move.
The second-largest cryptocurrency was trading at $4,190 at press time, marking a 20% weekly gain. Taken from its April 9 low of $1,383 to Saturday's high of $4,326, the ETH price is up nearly 213%, boosted by surging investor flows into Ethereum spot exchange-traded funds and growing demand from companies accumulating ETH on their balance sheets.
More than $6.7 billion has poured into the nine U.S.-listed Ether spot ETFs year to date. At the same time, Ethereum-focused treasury firms have scooped up more than $12 billion in ETH.
Ethereum's momentum also coincides with a broader rotation within digital assets, as institutional investors and developers look beyond Bitcoin amid increased adoption of stablecoins, tokenized real-world assets and smart-contract platforms, all of which run on the Ethereum blockchain.
Peter Brandt stunned by ETH rally
Veteran trader Peter Brandt, who has often been an Ethereum critic, has reacted to the ETH price move.
Brandt previously confessed that he usually prefers not to say anything good about Ethereum, once calling it a "broken utility coin," and this attitude has earned him a reputation as an "ETH hater" in the crypto community.
In a recent tweet, Brandt wrote, "This is one of my favorite charts right now," accompanied by the ETHUSD weekly chart, a statement that implies that the commodity trader might be softening his stance on ETH.
Ethereum's latest gain might not come as too much of a surprise for the legendary trader: In May, Brandt pointed out a massive congestion zone on the monthly chart that could support a moonshot.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team