The price of Ethereum (ETH) crossed the $4,600 mark on Tuesday, reaching an intraday peak of $4,629 per token on Deribit. Over the past 24 hours, Ether has risen by 8% against the US dollar and has increased by nearly 28% over the week.
ETH skyrockets to $4.6K, just 7% below all-time high
The growth shows no signs of slowing down. Since January 1, 2025, Bitcoin (BTC) has risen by more than 28%, while Ethereum has increased by more than 38% over the same period. At the time of publication at 4:22 PM Eastern Time on the centralized exchange Deribit, Ether was trading at $4,604, giving the asset a market capitalization of $549 billion. It is now within reach of the record set on November 10, 2021, at $4,878—less than 7% away from recovering that milestone.
Since September 10, 2022, when ETH was priced at 0.082 BTC, its price has fallen to 0.019 BTC by April 19, 2025. However, from this low, it sharply recovered, doubling to 0.038 BTC. During the decline, Ethereum faced stiff competition from networks like Solana, while even Bitcoin began to penetrate sectors led by ETH, such as non-fungible tokens (NFTs) and decentralized finance (DeFi).
Ethereum reaches $4,600 as bulls target $6K
Ethereum is now slowly starting to regain ground against Bitcoin in the influx of funds into exchange-traded funds (ETFs) and corporate treasury assets. With the price rising on Tuesday, ETH recorded about $144.55 million in liquidations, including $107.19 million from short positions on Ether alone. By 4:22 PM Eastern Time, ETH exceeded the total liquidation amount for the day of $375.74 million. On the platform X, a growing chorus of users predicts that Ethereum will rise significantly higher.
"Ethereum ETFs attracted a massive $5.39 billion just in July! With SEC approval for creation and redemption in kind, ETH is gearing up to reach $6K. Bitcoin, you have been warned," stated one user on X on Monday. Another added, "ETH is set to reach $6K–7K faster than most expect." Overall, the sentiment towards Ethereum remains bullish, fueled by factors such as ETFs, growing institutional adoption, and key technical breakthroughs. Many believe that a price between $6,000 and $10,000 per ETH is quite achievable.
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