#ETHCrossed2500 (ETH) is up 6% on Friday, extending its weekly gains to 29% after nearly two weeks of consolidation near $1,800. The recent rally stems from increased buying pressure from investors on the spot market following a sharp plunge in ETH's exchange reserve.

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Ethereum Price Forecast: Who's behind ETH's highest daily gain in four years?

05/09/2025 21:15:47 GMT

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By

Michael Ebiekutan

Ethereum Price Forecast: Who's behind ETH's highest daily gain in four years?

Ethereum price today: $2,330

Ethereum's 21% surge on Thursday marked its highest single-day gain since May 2021.

The rally was likely spurred by crypto native investors on the spot market who withdrew a net of 180K ETH from exchanges.

ETH could surge past the $2,500 and $2,850 key levels if its technical indicators on the weekly chart flip bullish.

Ethereum (ETH) is up 6% on Friday, extending its weekly gains to 29% after nearly two weeks of consolidation near $1,800. The recent rally stems from increased buying pressure from investors on the spot market following a sharp plunge in ETH's exchange reserve.

Spot investors sparked ETH's 21% gain

Ethereum recorded a 21.8% gain on Thursday, its highest single day gain since May 24, 2021, according to the Binance ETH/USDT TradingView chart.

Despite the rise, US spot Ether ETFs stretched their negative flows to three consecutive days of net outflows after shedding $16.11 million on Thursday, per SoSoValue data. Ethereum's funding rates also remained at normal levels near 0.01, indicating the rally wasn't inspired by ETF flows or high leverage trading.