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Ether Traders Eye Record Highs as ETH Jumps 8%; Bitcoin, BNB, SOL See Profit-Taking
Ethereum (ETH) surged over 8% in the past 24 hours, igniting fresh enthusiasm among traders who now speculate that a new all-time high could be on the horizon. The move comes amid a broader slowdown in other major cryptocurrencies, with Bitcoin (BTC), Binance Coin (BNB), and Solana (SOL) experiencing modest pullbacks as investors lock in recent profits.
Ethereum Leads the Rally
Ether's sharp rise has pushed its price above $4,200 for the first time since early 2024, driven by a combination of bullish sentiment, improving network fundamentals, and a wave of institutional interest. The rally follows a series of positive developments in the Ethereum ecosystem, including increased adoption of Layer 2 scaling solutions and a steady decline in ETH supply due to staking and continued token burns.
“Ethereum is showing renewed strength, and traders are now eyeing the $4,800 level — the all-time high set in November 2021,” said Marcus Duval, head of digital assets strategy at Apex Capital. “There’s a clear divergence in momentum between ETH and other top assets right now.”
Data from on-chain analytics firm Glassnode shows that ETH’s exchange reserves have dropped to a two-year low, a sign that long-term holders are keeping their assets off exchanges — typically a bullish signal.
Bitcoin, BNB, and SOL Face Profit-Taking
While Ethereum climbs, other major cryptocurrencies have seen a pause in their upward trajectories. Bitcoin dipped by 2.5% over the past day to around $64,000, as traders take profits following a strong rally earlier in July that saw BTC approach the $68,000 mark.
Binance Coin (BNB) and Solana (SOL) followed a similar pattern. BNB fell by 3.2%, slipping below $570, while SOL declined by 4.1% to trade near $138. Both tokens had recently hit multi-month highs, drawing short-term investors looking to capitalize on the momentum.