The price of Ethereum has broken through the $3,300 barrier, registering a notable 7% increase. This upward movement is further highlighted by the ETH/BTC trading pair experiencing a significant 15% rise over just two days.
The surge was accompanied by substantial market activity, with over $56 million worth of short ETH positions liquidated across exchanges in the past 24 hours, contributing to the bullish momentum.
Network adoption continues its strong trajectory, evidenced by Ethereum recording more than 152 million non-empty wallets, signaling sustained growth in user participation.
Institutional interest in Ethereum appears significant and growing. Institutional asset manager SharpLink reported holdings exceeding 280,000 ETH. Furthermore, BlackRock’s spot Ethereum exchange-traded fund ETHA has attracted substantial investor capital, registering inflows totaling $171 million.
The rally also found support in broader macroeconomic conditions. Cooler-than-expected U.S. Producer Price Index (PPI) data for June benefitted risk assets, including cryptocurrencies, providing a favorable tailwind for Ethereum’s price performance.