Ethereum Jumps 8% to Reclaim $3,000

Ethereum surged 8.4% in the past 24 hours, reaching $3,010 as renewed interest in altcoins follows Bitcoin’s explosive rally.

The move marks a key technical and psychological milestone for ETH, with multiple catalysts converging to drive upward momentum.

Bitcoin breakout triggers capital rotation

Bitcoin’s ascent to a new all-time high of $118,500 on July 11 reignited bullish sentiment across the crypto market. The 6.4% daily gain sparked a broad altcoin rotation, with Ethereum at the forefront. Market watchers, including former BitMEX CEO Arthur Hayes, interpreted the price action as the beginning of a “monster alt season,” with ETH positioned as a leading beneficiary.

Ethereum’s strength relative to Bitcoin was further confirmed by ETH/BTC breaking through a major resistance level for 2025. This technical breakout has encouraged traders to increase exposure to ETH in anticipation of further gains.

Short liquidations intensify upward pressure

Adding to the bullish setup was a massive liquidation event that wiped out $215 million in short positions. As Ethereum crossed key resistance levels, short sellers were forced to buy back positions, further accelerating the rally.

Combined, these factors have positioned Ethereum for sustained upside, with growing speculation that it may lead the next phase of the crypto bull cycle.

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Institutional inflows return to Ethereum ETFs

Fueling the rally was a dramatic resurgence in institutional interest via exchange-traded funds. BlackRock’s spot Ethereum ETF, ETHA, attracted $300 million in net inflows on July 10—the largest single-day figure since December 2024. Altogether, U.S.-listed Ethereum ETFs added $383 million that day, reversing a downtrend in flows seen during May.

The surge in ETF inflows signals renewed confidence among institutional investors and marks a critical turning point for Ethereum’s market structure.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.